Skip to main content

Full text of "Financial Times , 1987, UK, English"

See other formats


d ■vVii te :»•■- -••* .• ■. •:- ■ • ■'• 

iyfco»ab.«c » i Tta- * ^ i . b w 



®ber 


sir 


the 


.fc 


a by 
s 

te 


ail 

'9 

ov esi 


instil 


^ lor 


.seefe. 


of 

^ awa. 


in a Wefl- 


•3* 



- iaifo 
JVa ‘&IC05 

iC'u 


■7 2EBy 

* Hitjj 

id B Aik 


Si KCT*» 
-- 
.* 


-i.; l.Jl 

--iii 




-iSKS a 


-a: rKsat 


were 


ta 


' VTfU! 


r. ars 


•_>rr-^ 


,. !( K|j 




Ana .. 
flrtno. 


.£m .. 

■* flBiimu..- 

;eiw .- 

bW.. 

ton** 

Canni - 


HBagKHf 


■»» Wowa 
Oftftsa tnd .. 
.»« tab... 

: csijso- jteH.. 

. CD3J5 Je4a 
ffltf.tJM (Mt . 
Wifl Utant 
fakJJIt ■ — r— ho, 

*■*» Item 

DWiffl (tea. 

• •■Ik 80 te m 

• *512 tete 

-«MS tear 


.no31£B 

. BS35B Pi 
..L1EOO S 


FfcSOO 


Pk 20 
Ett 100 
BtSOO 
34.10 
hr 125 
. JtauJO 
HUD Sten Sbl.n 
S S Lb-45 s «uw Sf220 
- to4J5 Tmb .. «TS85 
. ft*. 308 Tims* .On 0830 
. »•» Tate ... 1350 

.flaw o.a e. ..00650 

. fc.7j» USA. . SI .00 


00 


FINANCIAL TIMES 


West German coalition: 
centre feels the 
squeeze, Page 18 


No. 30,181 



EUROPE'S BUSINESS NEWSPAPER 

Wednesday March 11 1987 


D 8523 B 


WorJd news 


Business summary 


UK and 

France 

unveil 

pact 


arms 


Ferruzzi 
boosts 
stake in 
chemicals 


Currency fraud costs 
Volkswagen DM 480m 


BY PETER BRUCE IN BONN 


Britain and France announced po- 
tentia lly far-reaching plans for co- 
operation on anns purchases and 
on nuclear issues - reinforcm* 
bilateral links recently forged by 
tiie two countries’ joint purchase of 
Boeng Amcis radar aircraft 
The announcement «»™» at the 
dose of a two-day meeting fa Paris 
oL the French and British defence 
mmistecs. It opens a fresh chapter 
in bila teral defence cooperation be- 
tween the two countries which had 
drifted apart in recent years on 
arms procurement Page 20 . 


US weapon tests 


US Defence Department an- 
nounced plans to conduct tbroo air- 


PBBKU2ZI, Italian agro-industrial 
group, is paying L320bn (£243m) to 
boost its shareholding in fe« Monte- 
dison chemicals concern from 27i 
per cent to note than 37 per gpnt- 
Psgea 

W. B. GRACE , US chemicals and 
natura l resources group, suffered a 
fourth-quarter operating loss of 
5402.4m after fairing a 5589.8m 
charge far restructuring, compared 
with S22m profit a ye ar earlier. 
Full-time loss was $375.4m against 
S87.6to profit in 1985 l 

DE BEERS, South African mining 
grou p, pro duced record revenues 
and profits from diamond* far 1988 
following two price rises for the 
g emsto ne, reduced i nven to ries and 


against space targets, starting in. 

October, ft wmild also investigate a WALL STREET: The Dow Jones fa- 
new ground-launched system. The dustrial average dn«»d up 19 jfl at 


accelerated military apace pro- 
gramme would allow the US to de- 
stroy key Soviet military aateifitefl 
in a war. - 


Bonn's programme 


West Germany’s centre-right coali- 
tion agreed a four-year government 
programme to boost the economy, 
tighten law and order and safe- 
guard the environment Page 3 


Afghanistan progress 

Differences between Pakistan and' 
tiie Afghan Government ova tire 
withdrawal timetable for 1154)00 
Soviet troops from Afghanistan 
were "significantly narrowed,” the 
UN mediator said. 


2^80.09. Page 48 
LONDON: The securities markets 
recovered stronjgy on the view that 
further redactions in in terest rates 
could not be Jong delayed. The FT- 
SE 100 index closed 14 higher at 
1,987.7 and the FT Ordinary index 
was up 1(U at 1,588.4. Page 40 
TOKYO: Aids-related issues surged 
in active trading that took the mar- 
ket to a new peak. The Nikkei aver- 
age advanced 4&D5 to 21^14.48. 
Page 40 


ONE of the biggest ever currency 
frauds has obliged Volkswagen, Eu- 
rope's biggest car producer, to 
mtAe provision for a loss of DM 
480m (3259m) in its 1986 accounts. 

Making the announcement yes- 
terday, the group said it believed 
the people involved were primarily 
outside the company, although the 
fraud, which was not detailed, may 
have involved inode assistance. 

VW said it would maintain un- 
changed its DM 10 dividend per 
numiTMii DM 50 share for the year, 
white group net profits would be 
largely unchanged from the DM 
59&6m recorded in 1985. 

News of tiie loss was released 
just before Frankfurt market trad- 
ing dosed and shares in tiie Wolfs- 
burg-based group foil 5 per cent on 
the day to close at DM 333. One 
Frankfort banker was quoted as 
saying that the report would hit 
VW*s reputation in the financial 
markets. 

VW is expected to brief its share- 
holders and the markets thoroughly 
on what happened but full details 
were not being given last night. 

The mmpany «mid tfmf “strong 

suspicions have emerged of punish- 


VOLKSWAGEN 


DM bn 



able acts in connection with curren- 
cy transactions. The hedging of cur- 
rency positions at a time when the 
dollar was higher was feigned. On 
ifa towig of current information it 
is possible that documents about 
th* hwigiwg were faigjfigd 

VW said it had laid charges of su- 
spicion of fraud, breach of trust and 
falsification of documents with 
prosecutors. 

A West German financial news- 


letter reported in November that 
VW was in trouble over its currency 
dealings in the US. The newsletter, 
Der Platow Brief, ««id then that VW 
had unhedged open dollar pacifiers 
worth S2J3bn to S2Jibn. 

These were allegedly being 
booked by the company at a dollar 
exchange rate of DM 2.20 to DM 
22S although the actual w»*imp 
rate was around DM 2 j 94 to the dol- 
lar. The difference, a reduction in 


real value of about 10 per cent was 
suggested to be worth about DM 
450m. 

A rise in the vaine of the dollar 
would have eased VW’s predica- 
ment but the US currency contin- 
ued to fall It was not possible last 
night to discover why, or if, as much 
as S2.4hn had been left uncovered 
in the US or if cover had been ren- 
dered invalid by the falsification of 
hedging itemwwt Bti o " 

Ironically the release of the news 
may streng then tiie position of Dr 
Carl TT»h" i VW’s fhantnan, in the 
boardroom, by dispelling any ling- 
ering doubts about his plan to bring 
in an 11th board member with a 
remit to increase coordination and 
clarify lines of responsibility over 
VW’s complicated international op- 
erations. 

This plan provoked sharp criti- 
cism within the boardroom last 
year and was thought to have been 
a factor in the rfuridw* of Mr Rolf 
Selowsky, the finance director to 
step down when his contract ex- 
pires this summer. 


Daimler-Benz strengthens top 
rung. Page 21; VaxudmO hopes. 
Page 14 


Sterling Interbank 


European Airbus plans 
face growing difficulties 


Geneva arms talks 


American and Soviet negotiators 
resumed talks in Geneva aimed at a 
treaty, removing medSam-range mt* 
dear missflesfrom Europe. 


— • »- w*"<- 


Bangladesh violence 



BY DAVID MARSH M BONN AND MICHAEL DONNE M LONDON 


Police in Dhaka fought running bat- 
tles with students trying to bury a 
dead leader killed m a bombing -as 
a nationwide protest strike and 
hundreds of bomb blasts paralysed 
Bangladesh. 


Beirut fighting . _ 

Palestinians and Shia Moslem Amil 
militiamen fought- with gr en a de s 
and machine guns in Beintfs Pales- 
tinian refugee camps. Flour people 
were reported lolled. 


EQUITIES and gilts w e re boosted 
by hopes of a farther cut in base 
tending rates after the budget, but 
sterling slipped sfightiy in response 
to tins week's half-point reduction 
tor the banks. The fhree-monfester- 

trng iiiteritfmlr rate On tfw London 

money markets eased to 10H> foam 
10K. 


Intelligence curb 


DOLLAR dosed in NewYorkatDM 
L8555; SFr L5640; FFc, 6J745 and 
Y153.T25. ft rose in London to DM 
14)555 (DM LSSO^’-and to FEY 
61750 (FFr 8.1725); hot fell to 
Y15380 jYmSO); to SFr L5625 (SFr 
L5850). On Bank of Rngfamd figures 
foe dollar's exchange rate index fell 
to 10L3 from 1045. Page 33 


US Defence Secretary Caspar Wein- 
berger has ordered the Pentagon to 
restrict its co-operation with Israel, 
a Jerusalem newspaper said. Page 4 


Ship blast kills four 

Four seamen died wben ammuni- 
tion on a Portuguese war s hi p ex- 
ploded in tiie Azores islands, 14)00 
miles off Portugal. Twenty men 
were injured and one was missing. 


STERLING closed in New York at 
SL5865. ft fell in London to SL5845 
(S1.5880); to DM 2J400 (DM 24450); 
to Y2O50 (Y244J25); to SFr 2.4750 
(SFr 2.4850k and to FEY 9.7850 (FFr 
0.8025). On Bank of England figures 
the pound’s exchange rate index re- 
mained unchanged at 72J. P&ge 33 


EUROPEAN aerospace companies' 
plans to build a new generation of 
Airbus airliners, the A 330 and A- 
340, are running into increasing dif- 
ficulties because of hesitancy about 

harking the project financially from 
international airlines and from 
three European governments. 

As top executives prepared to 
meet for an Airbus Industrie super- 
visory board meeting on Friday to 
Toulouse, the headquarters of the 
fourmation wiflruifa r tur fng consor- 
tium, riffiriMls wH feat the end- 
March target date for formally 
launching^he A-330 and A-340 was 
unlikely to be met. 

The project thus risks feeing con- 
siderable slippage at a time wben 
McDonnell Douglas of the US has 
been registering strong orders for 
its MD-11 airliner, a direct competi- 
tor to the tong-haul A-340. 

The French, West Ger m an and 
British governments, which are the 
main paymasters for tiie 17-year 
old Airbus venture, have, dining 
the last few weeks, reaffirmed polit- 
ical support for tiie new-generation 
A-330 and A-340 airliners intende d 
to fly by 1992. 

But, with Airbus winning only 
one firm order so far - from West 
Germany's Lufthansa - for the new 
aircraft, governments are still some 
way from making a decision on pro- 


viding the S2Jjbn to S3bn in state 
development cash needed to devel- 
op the airliners. 

Airbus Industrie has been bold- 
ing talks with international airlines 
for well over a year on the bimotor 
A330 and the four-engine A-340. It 
has said it would like five “launch 
customers” for the aircraft before 
deciding firmly to go ahead. 

Mr Geoffrey Pa trie, the UK min- 
ister responsible for aerospace, has 
m ade to British Aerospace, 
the UK partner in Airbus, feat it 
will have to wait a few more weeks 
before a decision is made on humch 
aid for the A-330/ A-340. 

BAe has put in a request for 
£7 50m (SI jJbn), although the com- 
pany has always been thought un- 
likely to receive the entire amount 

French G orman gm/ pi nment 
officials also say feat Paris and 
Bonn do not yet consider the pro- 
ject ripe for a decision. 

One senior French nfficial wrirf 
Paris was determined to go through 
with backing the A-330 and A-340 
but tiie timing would depend oq air- 
line companies* decisions. "We will 
not launch tiie aircraft if we are not 
sure that it is economically viable... 
Today, it is not viable," he said. 

Bonn Economics Ministry is 
waiting not only for more laimrh 
customers but also for a financial 


restructuring at Deutsche Airbus, 
the German partner in the consor- 
tium, before deriding formally to 
support the project, a spokesman 
said yesterday. 


Airbus Industrie, owned by the 
mum aerosp a ce groups in France, 
West Germany, Britain and Spain, 
regards the A-3S0/340 project as es- 
sential to Europe's long-running ef- 
(Orts to up tD $ M r 

-of-Boemg of Seattle in the world 
air liner market. 

The political stakes have risen 
greatly following mfa»n» US criti- 
cism, designed to official 

funding of tiie A-330/ 340, that Euro- 
pean Airbus support contravened 

intomafifinal fair trading rules. 
These protests were rebuffed by aD 
three European Governments last 
month. 

At Friday’s Toulouse wppHi^ to 
be chaired by Mr Franz Josef 
Strauss, the Airbus supervisory 
board chairman, the consortium is 
likely to review airliner interest in 
the A-330 and A-340. But the meet- 
ing win also take stock of the latest 
welcome flow of orders for Airbus's 
existing wid e-body jets as well as 
for the new narrow-body A-320 
which made its maiden flight last 
month. 


Narrow 
win for 


Haughey 


By Hugh Camegy In Dublin 


MR CHARLES W * > n g h o y 1 leader of 
the Fianna Fail party, last night be- 
came Irish Prime Minister fin the 
third time, bathe had to rely on the 
resting vote of the Speaker to se- 
cure a majority in parliament 

His elq rtiim, m doubt si nee Fian- 
na [foiled to win a parliamentary 
majority in last month’s general 
election, was assured when Mr 
Tony Gregory, a socialist indepen- 
dent from Dublin, told a tense Dail 
(lower house) that he intended to 
abstain because another election 
“would most likely drive the coun- 
try into the grip (if the hard Tight" 
ft was feared Mr Gregory might 
vote against Mr Haughey, who 
would then have been forced to call 
another election. 

The vote on Mr Haoghey*s nomi- 
nation was tied at 82-82, with an- 
other independent, B4r Neil Blaney 
from Donegal, annonndng that he 
would support Fianna Fail, as ex- 
pected. The newly appointed Speak- 
er, Mr Sean Treaty, then declared 
he would cast his decisive vote in 
favour of the Fianna Fail leader. 


Continued on Page 20 


Radical reforms 
planned for 
French bourses 


BY GEORGE GRAHAM IN PARIS 


FRANCE’S stockbrokers are to lose 
the monopoly over the trading of 
F ren c h shares which they have en- 
joyed since tiie time oi Napoleon. 

Mr Edouard BaQadur, Finance 
Minister, yesterday announced a 
major reform of the structure of the 
French stock exchanges which will 
gradually allow French and foreign 
banks to buy into stockbrokers cap- 
it&L It will culminate in 1992 with 
the e nding of the 180 year old mon- 
opoly. 

Brokers will in turn be able to 
broaden their activities into other 
financial markets «nj transform 
themselves into complete invest- 
ment hanlnTig operations. 

Mr Balladnr said yesterday that 
the French stock market had al- 
ready adapted rapidly in the face of 
trading volume which had multipli- 
ed by 38 over the last 10 years to 
FFr 2485 bn (S339bn) last year. 
However, much remained to be 
done in the face of competition 
from Switzerland. West Germany 
and especially the UK. 

Some dealers estimate fe»t bk 
much as 15 per cent of the daily 
turnover in French stocks now 
takes place in Iondon, where six 
major brokers wibItp a market in 
the loading French sharp*;, without 
ever pa«gring through the Paris ex- 
change. 

By allowing French brokers to 
reinforce their capital, the reform 
announced by Mr B&Oadur is ex- 
pected to improve their ability to 
take large positions in stocks and 
boost the often inadequate liquidity 
of the Paris market 

The planned reform, which is ex- 
pected to be put through the French 
parliament this year, will open op 
the capital of fee 45 Parisian and is 
regional stockbrdking firms in 
three stages. 

From January 1 1988, up to 30 per 
cent of a firm’s capital will be al- 
lowed to be held by outsiders. EYom 
1989, up to 49 per cent will be open 
and from 1990, 100 per cent 

Mr Xavier Dupont, chairman of 
the Fren£B~stoc£ exchange, said 


The French Government is plan- 
ning to open up to competition 
about 40 per cent of the country's 
t dta OBU Mi nfaa tions monopoly. 
Legislation on competition fa te- 
l ec ommuni catkms services wiD 
be put before parfiament in the 
autumn. Page 20 


yesterday that outside investors 
would be vetted by the stock ex- 
change corporation and by the 
French Treasury. 

Only banks would be allowed in, 
but the term would be inter- 
preted very broadly, and stockbro- 
kjpg firms would also be ahle to 
float a «aw«n proportion of their cap- 
ital publicly. 

Mr Dupont said the reform did 
not mean an «*wd to the scale . 

Of roramigginne a p p|jg d to email 

French investors and to foreign in- 
stitutions. 

1 am not at all enthusias tic about 
letting banks into our capital just in 
order to move to a zero scale of 
co mmissions If fe«* happens, I will 
pack up immediately” Mr Dupont 
said. 

The reform aims to preserve the 

principle of a centralised market, 
although changes already intro- 
duced mean that over 50 stocks are 
now traded on computer without 
passing through tiie floor o£ the 
stock exchange. 

After 1992, when the stockbro- 
kers’ monopoly ends, securities 
dealers will have to apply for recog- 
nition by the French Stock Ex- 
change Hnimrii, which will take tiie 
place of the current stock exchange 
corporation. 

The annnnncgmflni of tiie re- 
forms was welcomed yesterday by 
French banks, who have fought to 
win direct access to the bond mar- 
kets but have found tiie continua- 
tion of the stockbrokers' monopoly 
on share trading increasingly irk- 
some. 


Background, Page 24 


UK shares up, £ down 


HOPES of another cat in Brit- 
ain's base lending rates after 
next Tuesday's budget boosted 
UK Government bonds and equi- 
ties yestenfey, writes Janet Bush 
in London. Sterling, however, fefl 
back sfightiy under the weight of 
this weekY half-point interest 
rates reduction to 10% per cent 
by the banks. 

On the equity market, the FT- 
SE 186 index dosed 140 higher 
at 1987.7 and the FT Onfinary in- 
dex ended Mil np at 15864. Ster- 


ling dosed modestly lower at 
SL5845 compared with Monday's 
doring $L5880. The Bank of Eng- 
land's trade weighted index end- 
ed at 721 compared with Mon- 
day's dosing 72A. 

Foreign exchange deaims said, 
however, feat three was still a 
large measure of confidence in 
sterfing based on Ugh hopes that 
the budget would include not on- 
ly substantial income tax cuts 
but also a lower target for public 
borrowing. 


Boeing steps up output, Page 11 


Beer battle looms 

West Germans prepared for a rid- 
ing by the European Court of Jus- 
tice font would allow foreign ales 
treated with chemicals and addi- 
tives into tiie country for the first 
time. 


GOLD rose SL50 to $40640 an fete 
London bnfiion market In Zurich it 
also rose to $40535 ($404.75). 
page 32 

RABOBANK, Dutch cooperative 
frank, raised 1980 earnings by 2% 
per cent to FI 685m ($328 tn) from 
last year's FI 668m despite higher 
costs, due primarily to a cut in loan 
loss reserves. Page 21 


Iran sells Deutsche Babcock 
stake to West German banks 


BY HAIG S&IOMAN IN FRANKFURT 


Aircraft shot down 


Honduran combat jets shot down 
an unidentified C-47 transport air- 
craft near El Salvador after it en- 
tered from Nicaragua and flew over 


GULF & Western, US services con- 
glomerate, has reported a doubling 
of net in tiie first quarter 

pTvfang January thanks to a strong 
performance by its Paramount mo- 
tion picture operation. Page 21 


ify itself. 


Lawyers strike 

Several hundred lawyers at Italy’s 


HONGKONG and Shanghai Bank 
intends to raise HK$3-3bn 
(US$423m) through a rights issue. 
Profits for 1986 were up 12.4 per 
cent at wwaatnabn. Lex, Page 29; 
Details, Page 23 


CHINA'S wheat imports are likely 


hiwest Mafia trial-in Palermo. Si- to rise significant^ this year, con- 
began a strike in protest toasting sharply with fee em phasis 


against an extension of fee heap- placed by Chinese ferefers on gram 
h^T in six days a week. self-sufficiency. Paps 32 


THE XBANIAN Government has 
sold its 25J2 per cent stake in 
Deutsche Babcock, the West Ger- 
man heavy engineering group, to a 
consortium of West Gennan banks 
for DM 286m ($154m). 

The consortium, led by West- 
dentsche T^mtowfamk (WestLB), 
yesterday began placing the shares 
and said nearly half had been 
pianwl , mainly wife institutional 
buyers, by yesterday afternoon. 

The Iranian disposal comes only 
weeks before a large rights issue by 
Deutsche Babcock, which is expect- 
ed to raise between DM 200m and 
DM 300m. ft is thought that the 
Iran Governments de cisio n to sell 
its Babcock stake, which it has hdd 
since the beginning of the oil price 
hnmw , may have been influenced by 
currency unc erta inties and news of 
the rights issue. 

Tran was most fikriy either un* 


willing or unable to pay out the ex- 
tra cash required,” one analyst said. 
"The Iranians may also have want- 
ed to benefit from the Deutsche 
Babcock’s firm equity price.” 

The L26m voting shares in the 
company, worth a nominal DM 
63m, were sold to the Iranians by 
Babcock and WOcox of the UK in 
March 1975 for DM 178.3m. The 
stake gave Iran 33.0 per cent of 
Deutsche Babcock voting rights. 

Hie other three banks in the con- 
sortium are Deutsche Genossen- 

gphuftsfrnnlr , finmwwwhni Ir and 

Westfalenbank. It said it was seek- 
ing long-term domestic foreign 
buyers. Babcock ' s remaining 5m 
shares are in the h»nd« of about 
20,000, mainly West German, inves- 
tors. 

No indication was given of the 
placing price, but analysts expected 


a sizeable discount on yesterday’s 
dosing price for Deutsche Babcock 
shares of DM 227, down DM 11.50 
on Monday’s level 

The group’s profits have been un- 
der pressure in recent years be- 
cause of problems with foreign con- 
tracts, notably in Saudi Arabia, and, 
more recently, because of the 
strength of the D-Mark. However, 
the company has restracted, and it 
is now fee market leader in West 
Germany for certain types of posi- 
tion control equipment 

The Iranian authorities have 
been talking to various banks about 
a disposal since the middle of last 
year, according to Deutsche Bab- 
cock. The company had been kept 
abreast of fee Iranian Govern- 
ments intention Mr KlflUS Schoetr 
tie of Deutsche Babcock said. 


B a c kg r oun d, Page 21 


- CONTENTS 

2,3 


Europe 

Companies . 

America 

Companies • 

Overseas ..... 

Companies 23 

World Trade ® 

Britain 13-16 

Companies 26-38 


Law 

r n u m n nllll M 

12.21.22 SSSSrtT 

K Currencies 

....... Editorial comment 

11.21. 22 Eurobonds 

4 


Agricattne ... 
Arte-Bendens _ 
World Guide 


32 

17 

17 


Futures .. 

Gold 

IntL Gwital Markets 

Letters 

Lex 

Ma nag e ment .... 

Market Monitors 
Mu and Matters 
Money Markets 
Baw Materials 
Stock markets— Bourses 
—WaD Street 
-London ... 
Technology 
Unit Trusts 
Weather 




WHY THE 


GERMANS 


l-:v1 


GIVE 


HEROES A 


HARD TIME 


Tennis star Boris Becker, like other 
West German sporting stars, fell from 
grace when be shed his good boy 
image. Page 2 


South Africa: turbulent year ahead for 
the mining indus try ................. 4 

Chile: living standards and the poor . . 5 
Sooth Korea: the Japanese experience 

abroad S 

Management: culture shock in UK 

corridors of power 7 

Technology: leader of a quiet 

revolution 10 

Airline market: Boeing pushes output to 

full thrust 11 

Editorial comment: budget -crisis in the 

EEC; UK business schools 18 

Lex: Hongkong Bank; BRA; Tesco; Imro 
rule book 20 



aisv* 1 








2 


Financial Times Wednesday Mareh. # 1987 


EUROPEAN NEWS 


cm sales j Bid to relaunch Europa satellite TV station 


in Italy 
at record 


BY RAYMOND SNODDY 


By John Wjrle* in Ron» 

TOE CONTINUING strength of 
consumer demand in Italy is 
being reflected in record car 
s hifts , which in January and 
February leaped by nearly 5 
per cent over the same period 
tost year. 

Bi-monthly sales totalled 
345,666 vehicles compared to 
329,888 in 1986. Domestically 
produced cars strength end their 
grip on the home market with 
a 61.1 per cent share against 
60.7 per cent. 

But the figures reveal slightly 
mixed fortunes for Fiat. Its 
Flat, Lancia and Autoblanchi I 
marques pushed up sales by I 
13324 units but the troubled 
Alfa Romeo, which became part 
of the group in January, saw 
sales fall from 22,952 to 20,789. 

A*n p " g foreign producers, 
Renault. Volkswagen, Ford and 
Cttroen-Peugeot all managed 
small increases, while Opel. 
SEAT, Austin Rover, BMW and 
Volvo all fell short of last 
year’s two-month total. 

Overall, the car market . is 
retaining the strength which 
took sales to a record 1.825m 
last year. The broader implica- 
tion seems to be that consumer 
demand is towing the Italian 
economy in much the same way 
that it did last year, thanks to 
a 4 per cent rise in disposable 
incomes. 

This year’s increase could be 
much the same allowing for 
wage drift 


PLANS ARE under way to 
launch a European satellite 
television weather channel and 
revive Europa, the satellite 
television channel which col- 
lapsed last November. 

The. Dutch telecommunica- 
tions authority has announced 
that Heteocast, an Anglo-Dutch 
company can nave Europa's old 
satellite channel daring file day 
for a continuous weather 
nh„TTT«.i and that a reformed 
Europa consortium can have 
the use of the satellite capacity 
in the evenings. 

Parallel Media, the British 
sports sponsorship and tele- 


and tele- 


vision company, previously West 
Nally, is fncreasihgiy optimistic 
that Europa can be revived if 
the rfghr business and pro- 
gramme structure can be found. 

The company has as optio n 
agreement to manage Europa, 
which would concentrate 
largely on sports and news 
coverage. Mr David Ciclitira, 
managin g director of Parallel, 
says that more than £25m in 
funds are available for the pro- 
ject 

“The money is not the diffi- 
cult tMug . They have to create 
a structure that works but they 
are moving in the right direc- 


tion," Mr CicUtira said. 

Europa, Europe’s only public 
service broadcasting satellite 
channel created by five national 
broadcasters, collapsed after 
running through its 
toads more quickly than 
expected and at t ractin g insuffi- 
cient advertising. The new 
consortium includes BAI of 
Italy, ETE of Ireland, and KTP 
of Portugal. 

Other members of the Euro- 


pean Broadcasting Union are 
believed to be interested in 


supporting the project Mr 
Vittoria Boat, director of inter- 
national affairs at RAX who has 


played a key role In attempts 
to revive Europa, confirmed 
yesterday that there have also 
bees talks with the BBC, ZDF 
of West Germany and Antenne 
3 of France. 

Mr Beni has had talks with 
Mr Alasdair Milne, the former 
director general of the BBC and 
hopes to contact his successor, 
Mr Michael Checkland, to per- 
suade the BBC to supply pro- 
grammes to a revived Europa. 

Enormous efforts are being 
made to save Europa because it 
is a way into the “ new media ” 
for existing broadcasting orga- 
nisations and because it is doe 


to transfer to the European 
Space Agency's direct broad- 
casting satellite Olympus when 
it is launched in about two 
years. 

Meteocast hopes to launch its 
European satellite weather 1 
channel towards the end of this 
year. It will take the form of 
a continuously updated 15 
minute weather programme 
which will run for 13 hours a 
day. The programmes, to be 
funded by sponsorship money, 
wiH use satellite weather pic- 
tures and graphics rather than 
studio presenters to portray the 
state of Europe’s weather. 


A blaze of affection 
and publicity from the 
West German press can' 
prove fetai if the object 
of all the attention 
turns out to be only 
human after all, Peter 
Bruce reports 



Summit marks new peak in Franco-Spanish relations 


Kiss of death 
for media heroes 


BY DAVID WHITE IN MADRID 

A REMARKABLE " honey- 
moon” In relations between 
Franca and Spain — traditionally 
not tee best of neighbours — is 
due to culminate with a new- 
style bilateral summit meeting 
starting today. 

President Francois Mitter- 
rand, who in accordance with 
toe rituals of French political 
“ cohabitation" will be joined 
In Madrid by Mr Jacques 
Chirac, his Prime Minister, can 
expect a very different recep- 
tion from the cool welcome he 
received when he first visited 
Spain five years ago. 

The meeting raises France’s 


Spain’s current wave of strikes spread to state hospitals yester- 
day with doctors protesting against rmrdown medical services 
and a lack of government spending on health care, Reuter 
reports from Madrid. AH of Madrid’s state hospitals were 
operating only emergency services and there were similar 
stoppages in toe provinces. 

In unconnected strikes, 564)60 metalwokers in the northern 
province of Gnipazeoa downed tools demanding a 9 per cent 
pay rise this year and a shorter weridng week. 


contacts with its southern 
neighbour to a status compar- 
able to those it maintains with 
West Germany, Britain and 
Italy. The principle of animal 
summits, one of the results of 
King Juan Carlos’s landmark 
visit to France in 1985, 


reinforces toe regular inter- 
nyi"ii? te riii T meetings which the 
two countries started holding 
four years ago in orders to 
bridge their differences. 

Spanish distrust of France, 
which reached a peak during 
toe Giseard d’Estring presi- 


dency, and French exasperation 
in dealing with the Spanish 
have been largely overcome fol- 
lowing Spain's accession to toe 
EEC last year and the recent 
clampdown by France on Eta 
Basque terrorist suspects, more 
than 40 of whom have been 
handed over to the Madrid 
authorities. 

The sanctuary enjoyed by 
Eta north of the border, back- 
pedalling by Paris over EEC 
enlargement and attacks on 
trucks carrying Spanish farm 
produce had been the main 
irritants in bilateral relations. 

Spanish fears about the elec- 
tion of a centre-right Govern- 


ment In France last year, par- 
ticularly after Mr Chirac's dti- 
fjgwi of th e enlargement terms, 
have given way to an un- 
expected blossoming of rela- 
tions. 

The Madrid talks, which are 
also due to be attended by Hr 
Edouard Balladur, the French 
Economy nad Finance Minister, 
Mr Jean-Beraard Raimond, 


Foreign Minister, and Mr Andre 
Ciraud, Defence Minister, are 


expected to focus on EEC issues 
and co-operation projects, in - 
ug then adeemed question 


chiding then ndedded question 
of which partner Spain will 
take a $28m army bank pro- 
gramme. 


Pre T&x Profit £134.2 Million 



Record Orders 


Increased Investment for 


the Future: 


Summary of unaudited financial results fortheyear 
ended 31 st December 1986. 



1986 
£ million 

1985 
£ million 

Turnover 

1933.4 

1997.2 

Operating Profit 
(before exceptional items) 

163.0 

92.7 

Profit/(loss) on ordinary 
activities before taxation 

134.2 

(11.4) 

Earnings per ordinary share 

15.9p 

(2.25)p 

Net Cash (borrowings) 

37.0 

(2114) 

R&D Expenditure 

161.0 

153.5 


STC is a leading company in Information and 
Communications Systems with Technology, Strategies 
and Integrated system skills for the 1990's. 


IIHIII 
I 

111 !!! 


III! Illllll 




W MAURAVERS STREET; LONDON WC2R 3HA. 


THE West Germans can be 
hard on their heroes. Take 
Harald "Toni" Schumacher, 
for example. 

By the time the West German 
football team went to Mexico 
for toe World Cup -finals last 
summer most toe country, in- 
cluding the team manager, had 
written .torn off isa bunch of 
nohopers. 

Once there, toe. warring 
manager and players gave con- 
flicting interviews to the same 
newspaper. There were reports 
of . wild sex parties. When the 
Danes beat them 2—0 in the 
first round, most West Germans 
seemed strangely resigned to it 

The fact that West Germany 
made ft to the final was due In 
large measure to the fine goal- 
keeping of Tonf Schumacher, 
the captain and badDynshaven 
loudmouth 1 whoi seldom failed 
to live up to his boasting when 
he wait onto the field. Be was 
beaten in the end by an Argon* 
tine wizard, but by then West 
Germany was walking mi air 
in disbelief at its wonderful 
team and its remarkable goat 
keeper. 

Late^last month Tool pub- 
lished a book, Kick-off, and as 
Is often tile case with poten- 
tially boring works he added (or 
was persuaded to by his ghost 
writer) a spicy bit to bump up 
sales. There was, said Toni, 
widespread doping amongst 
players' in the West German 
football league. Revenge was 
swift and vicious. * ' ' . : - 
After 14 years with F.C. 
Koeln (Cologne), Schumacher 
was immediately dropped. Then 


Then he broke toe spell and 
let go Gunther Bosch, his 
trainer. Bosch, in the local 
mind, was responsible tor Boris* 
success and someone to whom 


the young man was expected to 
show endless respect. By split-' 
ing with Bosch and staying with 

his less lovable manager,' Xoq' 
Hriac, Boris seemed somehow 
to let toe country down. 

The circulation neWs- 


paper BUd, which would once 
print every word Becker 
breathed, hardly .ever does to 
these d«m. German television 
does hot follow him as; idosetr.- 
Boris stopped being a nice kid 
and the magic has g o ne. 


Boris Becker stopped 
being a nice kid and 
the magic has gone . - 


Bernhardt Danger,, once 
called “tiie best German rat * 
of the sand since Rommel," has.-; 
none of these problems because 
the German - public neither 
follows, nor understands, golf. - 

But Steffi Graf has set herself 
up for a fall simply by being . 
a very good tennis player. Last 
weekend in Key Biscayne she__ 
beat Martina . Navratilova and. t 
C hris Evert to become,, for the 
moment, the best woman player 
in the world. ■ 

“Steffli — toe world Ms 2 . 
amazed," cried Bild on Monday;-, 
morning. It could be toe U» 
of death. If the 17-year-old puts 
a foot wrong between now and 
when toe stops playing com- 
petitive tennis, she may never - 
be allowed to forget it. 

Given their history, Germans-, 
today may be (understandably) 
hesitant about lending too much 
authority or evenaffection to 
individuals. But Hitler was a : 
politician. Why-, should athletes - . 
be perfect? . 

Most Western teenagers may 
know nothing about toe war, 
but when Boris Becker was 
asked recently why he felt he ■ ' 
had to behave better than most. ;• 


he was Bred by toe dub last 
week. Thai the National Feder- 
ation banned him and named a 
new captain. Toni will have to 
play outside West Germany 
now, and though he will not be 
short of offers, it will hurt. 

Take Boris Becker. Two years 
ago the nation was at his feet. 
He was cleanrcut and polite to 
umpires. He won Wimbledon 
twice and threw himself about 
the world’s tennis courts like a 
Playful young lion. The West 
German breast swelled with 
every crashing service. 


other players bn - ' toe , 

sjonal circuit he gave a chilling 
answer; “Because I am Ger- 
man,” be said, i* .this really 
1987? : 


Czech Jazz Section trial 
sounds discordant note 


BY LE5UE COUTT IN BERLIN 


THE CZECHOSLOVAK aothocw 
ities have placed prominent 
members of toe dissident “ Jam 
Section” group on trial, seem- 
ingly oblivious to toe embarrass 
ment it could cause toe Soviet 
leader, Mr Mikhail Gorbachev, 
when he visits the c ountry next 
month. 

. The five men were charged 
in a Prague municipal court 
with “ illegal enterprise.” which 
carries a jail sentence of two 
to eight years. Mr Karel Srp,, 
toe Jass Section’s cha irman , 
and Mr Vladimir Rouril were 
also charged with preparing to 
damage socialist property, 
which could result in sentences 
of one to six years. Two pre- 
viously accused members, Mr 
Milos Drda and Mr Vastimil 
Drda, were said to he too ill 
to stand trial. 

The Charter 77 human rights 
orga ni sation in Prague sin it - 
was toe largest political trial 
since 1979, when leading 
Charter members were sen- 
tenced for anti-state activities. 
It could prompt a strong reac- 
tion from Western delegates to 
the Helsinki follow-up confer- 
ence on human rights being 
held in Vienna. They criticised 
Czechslovakia last September 
for harassing the Jazz Section 
and arresting its leaders. 

Mr Srp, a widely recognised 
jam authority, was led in hand, 
cuffs to the courtroom and 
smiled broadly when cheered 
by some 200 supporters, who 
included Mr V aclav H a v el, the 

Three of toe who 

were released from detention 
late last year were told to 
leave the courtroom du ring the 
questioning of Mr Srp. They 
were able to give Interviews to 
Western reporters while the 
police looked on. Three Western 

correspondents were allowed to 
attend the trial, which is to 


The Chinese Foreign MtaWn r 
Wn Xueqian ended atone-; 
day offidaL visit to Czech*-. 
■isvakla yesterday and left ; 
tor Poland, AP reports from 
Prague. During fats vhrft; the ' 
firat by a Chinese Foreign 
Minister, Wuuet Mr Lubomfr 
Strongal, the Prime Minister, 
who Is expected to visit China 
next month, and by FreM^ 
dent Gostev Hnsak. Wtfs 
«»*te*part, Mr BohusUv 
Choeopek, was in Peking hut 
December. 

The Increasing contacts' 
between toe two co unt ries 
and tiie wording of commmd- 
qnes suggest a considerable 

improvement In relations. 


S4V 


last for three days. . 

Defence lawyers said it was 
impossible to predict the trial’s ’ 
outcome. It was difficult to see, 
however, why the authorities 
would focus attention on the 
trial without imposing sen- 
tences as a warning to other 
dissidents. The Prague leader- 
ship, however, is divided about 
toe reforms initiated by Mr 
Gorbachev in the Soviet Union 
and may be at odds over how 
to deal with the Jazz Section. 

The 7,000-member group, 
termed with the Musicians’ 
union in 1971 to promote jazz, 
was disbanded in 1978 ar 

counter-re volutio n aiy," ' . Twit 
survived until last September 
because of its recognition by 
Unesco. The Jazz Section sent 
a monthly uncensored bulletin 
to its members, which incurred ■ ’ 
toe wrath of cultural officials. 
It also circulated underground 
publications with works . by 
critical writers. 

Czechoslovak officials denied 
to* 1 , the five accused were being 
tried on political grounds; They 
mid they were engaged in 
luegal economic activities. 


The 3 
Certi 
% 


Bankruptcy suit 
in Hungary 


hnanoal times 


THE HUNGARIAN Credit 
Bank, a state Institution, has 
started bankruptcy proceedings 
against another state enterprise, 
in the first such procedure , 
under a new law designed to 
make the closure of insolvent 
companies easier, AP reports ! 
from Budapest 
It has filed a suit against toe 
state building industry compan y 
of Vestprem County. The com- 
pany lost Forints 300m (£4J3m) 
last year, meaning “there axe 
no further guarantees to im- 
prove company management 
and to repay the previously 
received lotos.” 



USP5 No. 

it 0 *™* pobfirfied duly went 

POSIMASi'iilfc lend 
g“*SL J? FINANCIAL TIMEX/W 
Eg®* Suwt, New YoST^y! 








li 






Financial TimesWednesday March 11 1987 


EUROPEAN NEWS 


es 

r *o$ 


* "Wit 

» g x 

L®** 

£ 

?10sel7 



ones 

aa , n t>m 

‘feaS 

neitht, 

ft m 

? nsrsfiif 
V being 
er - Last 
>-ae shs 
w , a aad 
■ -or ths 

a pIjyjT 

new ion 
Mai- 
ay aevy. 

Gerost; 

aaiablj) 

t-DG 

eencs |j 

-.-.s , 

l*n ss* 
the 

ter *« 

'■ ->'*: 
iaa s:r 
i P«» 

; — : i^‘ 

.._•. 

;s rs-~ 




‘ -i 


' . t 


Reliance on 
abortion 
attacked in 
Soviet press 

By Patrick C oc k b u m h Moscow 

THE SOVIET birth rate but 
started to rise again after a 
prolonged decline, hut abortion 
not contraception, remains the 
main method of birth, control 
according to a Soviet demo- 
grapher. 

The Soviet Government has 
been increasingly worried by 
the birth rate decline, lade of 
growth in the able-bodied work- 
xorce And the increase la the 
death rate, during the 1970s and 
/L eari7 1980s. la 1985 there were 
30 per cent fewer Soviet 18 
year olds than 10 years before, 
out of a total population of 
281m. - 

Efforts to increase the birth 
rate indude improved benefits 
and housing, but Mr Viktor 
Perevdentsev, an economist, 
writing in the weekly magazine 
Ogonyok says that if the 
present birth rate is maintained 
**the paulation of the country 
will soon stop growing, and win 
grow very old.** 

He blames the Ministry of 
Health for a failure to provide 
contraceptives and the reliance 
on abortion to prevent births. 
A . survey in the Urals dty of 
Perm showed that out of every 
1,000 pregnancies there are 272 
abortions. 140 m estimate 
births, 271 births in the first 
few months of marriage and 
817 babies conceived after 
marriage. 

„~w The failure to prevent an ln- 
crease in the death rate over 
the past 20 years has been in- 
creasingly criticised In the 
Soviet press as health statistics, 
suppressed when Mr Leonid 
Brezhnev was leader, are re- 
leased. 

Although the number of 
babies born in 1985 was 5.9m 
compared to 4.8m in 1980 this 
still means that the average age 
of the Soviet population ‘ is 
rising sharply. 

Failure to provide contracep- 
tives — the contraceptive pill is 
not manufactured in the Soviet 
Union — is evidently the result 
of a crude belief among nffigiate 
in the past that this would lead 
to more children being bo ru- 
in fact it has often led to 
women having repeated 
abortions and becoming less 
» able to bear children. 


* 



Law and order and environment high on Bonn agenda 


BY DAVID MARSH 

WEST GERMANY’S centre- 
right coalition yesterday 
wearily finalised agreement on 
a four-year government 
programme designed to boost 
the economy, tighten law and 
ozder and safeguard the 
environment. 

At the end of a laborious 
and often discordant series of 
talks covering the six weeks 
since the January 25 general 

• Chancellor Kohl (left): 

“A very good result*’ 


election. Chancellor Helmut 
Kohl declared that compromises 
struck on key issues repre- 
sented “ a very good result." 

A split over law enforcement 
between the two conservative 
parties in the coalition, Mr 
Kohl's Christian Democratic 
Union (CDU) and the Bavarian 
Christian Social Union (CSU), 
and the small liberal Free 
Democratic Party (FDP) was 
papered over at the last 
moment. 

The cabinet, to be announced 


later this week, will contain only 
minor changes co m pa r ed with 
the ministerial line-up before 
the election. The FDP, which 
gained ground on the conser- 
vatives in the election, appeared 
yesterday to be running into 
opposition in its demand for a 
fourth minister (compared with 
three before) in the new gov- 
ernment. 

In one of the most emotively 
discussed questions, the coali- 
tion parties agreed on measures 
to reduce sentences for terro- 


rists who gave evidence against 
accomplices. However, the FDP 
managed to resist the conserva- 
tives' calls for the wearing of 
mac trg at demonstrations to be 
made a criminal offence. 

As one of a number of 
detailed measures on which the 
parties failed to agree, this 
question will be the subject of 
further talks during the next 
few months. 

The full thrust of the mam 
economic policy move— the 
DM 44bn (£15bn) tax cut pro- 


gramme to come into effect in 
1990— will not be known for 
some months. This is because 
decisions on offsetting DM 19bn 
of the cuts through redactions 
in subsidies and other revenue- 
raising will not be made until 
the autumn. 

A total of DM 5bn of tax cuts 
is to be brought forward to 
January next year, adding to 
DM 9bn of cuts already pro- 
grammed for 1988. 

In line with growing sensi- 
tivity about ecological issues. 


the parties agreed to inscribe 
protection of the environment 
Into the country's Basic Law 
which amounts to the federal 
constitution. 

• The Federal Statistics Office 
yesterday said gross national 
product rose a real 2.4 per cent 
in the fourth quarter last year 
compared with 12 months 
earlier. This was slightly down 
from its provisional estimate of 
2.5 per cent in January. 

Feature, Page 24 


Swiss consumer 
prices rise by 
0.3% in month 

By WHfiam DuBforco In Geneva 

SWISS consumer prices efimbed 
by 0 l 3 per cent in Fdmmzy, mov- 
ing the 12-month Inflation rate 
to 1 per emit against 0.7 per cetti 
in January and L3 per cent in 
February last year, the Federal 
Office for Industry, Crafts and 
Labour reported. 

The largest Inc re as es duri ng 
February occurred in the educa- 
tion and lebnre, food, drink and 
tobacco awwpflBiMik of dm cost- 
of-living index. 

Compared with January, (he 
level of prices tor domestic goods 
rose by 84 per cent while that of 
imports dropped byftl percent. 
Over the year to the end of Feb- 
ruary, Swiss domestic products 
have advanced 15 per cent on 
average In price 


Spain and Portugal challenge 
EEC butter disposal scheme 


BY QUENTIN PEEL M BRUSSELS 


SPAIN and Portugal, the two 
est member states of the EEC, are 
rimiiowghtg the legality »nrf financ- 
ing of the Community's Ecu 3JZbn (S 
3.&bn) pbm to dispose of more than 
im +nrTTM>« of b a tt er on 
and intern ation al markets. 

Although the plan is supposed to 
be approved as a formality by For- 
eign Ministers next week, the two 

are threatening to raise the issue in 

all the institutions - implying 
even an action in the European 
Court -unless they get satisfaction. 

Their move could prove a major 
embarrassment to the other mem- 
ber stales, who thought the huge fi- 
nancing scheme was the only way 
to get rid of their un w an ted butter 
“mountain” without bankrupting 
the EEC budget. 


Hie plan b to dispose of the bat- 
ter stocks at whatever subsidy is 
necessary — up to the estimated to- 
tal of Ecu 3J2bn - in the current 
year, but only to repay that amount 
to the member states between 1969 
and 1992. 

Much of the butter is old and 
therefore virtually unusable for fan- 
man consumption. Some 100,000 
tonnes have been approved for sale 
to the Soviet Union at a price of Ecu 
22S p& tonne, compared with a cost 
price of Ecu 3J32 per tonne when it 
was bought into the EEC interven- 
tion stores. 

The Spanish and Portuguese 
claim is that by postponing repay- 
ment of the subsidy cost to the 

mwnhw iffatPB, STBfl jj in affect 


paging a finimrial c m tr ihii iinn 

— which requires ap- 

proval, and not simply a majority 
derision 

Howev e r, their real concern is 
that they are being required to con- 
tribute to the disposal cost of sur- 
plus food accumulated before they 
became members of the EEC. 

If the butter stocks were disposed 
of and paid for in the current year, 
they say, the cost would be mitigat- 
ed because Spain and Portugal cur- 
rently get a 70 per cent rebate of 
their budget contributions. By 1989, 
that rebate will be reduced to 40 per 
cent, and by 1992 to zero. So post- 
poning payment raises their share 
in it 


Vatican attacks 
artificial means 
of conception 

i 

THE VATICAN issued a major poli- 
cy document yesterday a ttackin g 
test tube fertilisation and other 
mrthQriie of artificial conception as 
immoral warning scientists not 
to usurp God’s power over life and 
death. Renter reports from Vatican 
City. 

The long-awaited document, the 
Vatican's most comprehensive yet 
on "bioethics,” or medical morality, 
in life’s early stages, also calls for 
laws regulating biomedical prac- 
tices to avoid "unforeseeable and 
damaging consequences for tivil so- 
ciety." 

It for penal sanctions to "for- 
bid that h uman brings, even at tire 
embryonic stage, should be treated 
as objects of experimentation, be 
mutilated or destroyed with the ex- 
cuse that they are superfluous or in- 
capable of developing normally." 


Afghan-Pakistan differences narrow over troop pull-out 


BY WILLIAM OULLFORCE IN GENEVA 


DIFFERENCES between Paki- 
stan and the Afghan govern- 
ment over the timetable for the 
withdrawal of some 115,000 
Soviet troops from Afghanistan 
have been "significantly nar- 
rowed," Mr Diego Cordovez, the 
UN mediator, said here yester- 
day. Further movement towards 
an Afghan peace settlement 
now depended on the US and 
the Soviet Union, the “desig- 
nated guarantors” of the settle- 


ment 

Bilateral US-Soviet talks, 
which are expected to include 
the Afghanistan issue, will 
start next week with the visit 
to Moscow of Mr Michael 
Armacosa, the US Under Secre- 
tary of State for political afairs. 
They will continue when Mr 
George Shultz, the US Secre- 
tary of State for political affairs. 
Shevardnadze, his Soviet count- 
erpart, meet in the Soviet 


capital in April with nuclear 
disarmament topping the 
agenda. 

A gap of “less than one year" 
over the speed for the Soviet 
pull-out separates the Paki- 
stanis and Afghans after each 
side had twice changed position 
during 13 days of indirect con- 
tacts in Geneva, Mr Cordovez 
said. Progress in the latest ses- 
sion of the peace talks had been 
“very encouraging" and showed 


a "convergence of intentions" 
towards a settlement 

When the talks first focused 
on the timetable last May, the 
gap was 45 months. By August 
it had shortened to 32-33 
months with Pakistan still 
insisting on a Soviet withdrawal 
in three to four months. 

Mr Cordovez would not be 
more precise but diplomats said 
the Soviet Union had retreated 
from its starting point of four 


years to an 18-month timeframe, 
while Pakistan had extended its 
deadline to seven months. 

Still at stake and omitted 
from the UN mediator’s brief 
Is the crucial question of what 
kind of regime should govern 
Afghanistan one* the Soviet 
forces have left. The opposi- 
tion Mujahedin guerrillas, which 
receive US support, refuse to 
recognise the Soviet-backed 
government in KabtiL 


Arms talk turns 
to shorter range 

BY ROBERT MAUTHNER, DIPLOMATIC CORRESPONDENT 


MR MAX KAMPELMAN, the 
chief US arms control negotia- 
tor, said yesterday that it had 
not yet been finally decided 
which shorter-range nuclear 
weapons would be involved in 
a deal with the Soviet Union 
on the elimination of medium- 
range missiles from Europe. 

“The question of where to 
draw the line is something we 
are still discussing with our 
Nato allies and we have also 
begun to discuss it with the 
Soviet Union," Mr Kampelman 
said in a Worldnet satellite TV 
news conference linking Wash- 
ington with several European 
capitals. 

Mr Kampelman said that 
Soviet SS 12 and SS 23 missiles 
with ranges between 500 km 
and 900 km were certainly 
among the missiles for which 
the US wanted to negotiate 
“proper constraints." 

The Soviet Union had agreed 
on the principle of equality for 
shorter - range intermediate 
nuclear forces (SR2NF), but 
how this was to be achieved 
had still to be negotiated. One 
of the options was that the 
number of Soviet missiles 
should be frozen at their pre- 
sent or lower level and that the 
West should match that num- 
ber by increasing its own mis- 
siles. 

Mr Kampelman also said that 
no solution had yet been found 
for the problem of where the 
Soviet Union would site its re- 
maining 100 SS 20 medium- 
range missiles which an INF 


agreement would permit them 
to keep in Soviet Asia. 

Moscow claims that Soviet 
Asia begins at the 80th meri- 
dian just east of the Urals, but 
Nato countries fear that this 
would still bring them within 
range of Western Europe and 
want them to be sited further 
east. 

Mr Kempelman said the US 
was not looking for an agree- 
ment in the INF area. He hoped 
that movement in this field 
would prove “ contagious ” and 
affect progress in the talks on 
reducing strategic nuclear wea- 
pons as well. 

At President Ronald Reagan's 
summit meeting with Mr Mik- 
hail Gorbachev in Reykjavik 
last October there was already 
general agreement on a reduc- 
tion of 50 per cent of strategic 
weapons over five years, leav- 
ing each side with 1,600 launch- 
ers and 6,000 warheads. But the 
problem of sub-limits still had 
to be resolved. 

Mr Kempalman was sceptical 
about US Senator Sam Nunn’s 
proposal that final reductions 
of medium-range nuclear mis- 
siles should be made subject 
to an agreement on the reduc- 
tion of conventional forces. It 
had already been difficult en- 
ough to break the Soviet link 
between an INF agreement and 
other aspects of arms control, 
such as the US Strategic De- 
fence initiative. Now that had 
been achieved, it would prob- 
ably be unwise to add another 
burden to the negotiations. 


Howe urges Hungary to copy UK 


BY ROBERT MAUTHNER. DIPLOMATIC CORRESPONDENT 


SCR GEOFFREY HOWE, jjfe 
Foreign, Secretary, yesterday „■ 
urged/ Hungary, ftf follow:' 
Brifebtfs C ons er va tive Govern-^ 
meat down the road of free 
market economic policies winch, 
he said, had radically trans- 
formed the economic prospects 
of the OK J - 

The Foreign Secretary was 
speaking to an audience of. 250 
guests at the Hungarian Aca- 
demy of Sciences in Budapest 
who, as citizens of a country 
that has been in the forefront 
of economic reform in Eastern 
Europe since 1968, dearly had 
some sympathy for the speaker's 
views. 

Sir Geoffrey said that the 
British economy which, for 
years, had suffered from chronic 


labour ixqHWfaflitsv ; ovfip-man- . 
nh)g t over-regulation, compla- 
cent 'management - and short- 
, signed trade' tmios^diad' been 
completely turned round-in 'the 1 
last eight years. 

For the first time for years, 
Britain was now out-performing 
its leading competitors in many 
sectors, not only in inter- 
national banking and finance, 
but also in Industry. 

Respect for the logic i if free 
markets was not just a Western 
vision. It was not incompatible 
with a Socialist vision of 
society. The discipline and in- 
centives of the market had pro- 
vided the dynamo which had 
enabled China to achieve its 
“ Green Revolution." The main 
benefit which a freer market 


brought any society .was poli- 
tical as well as economic. “It 
gives that society a framework 
for absorbing^nd responding 
to change without ‘stifling it.** 

If tile Western European 
countries could achieve any- 
thing like as open and buoyant 
a trading relationship with 
Eastern Europe as they had 
created within the European 
Community, there would be less 
mutual suspicion. The political 
benefits would be immeasur- 
able. 

Sir Geoffrey's speech came at 
the end of a two-day official 
visit to Hungary during which 
he has had talks with Mr Janos 
Kadar, the Hungarian Com- 
munist Party leader, and Mr 
Peter Varkonyi, the Foreign 
Minister. 




SAVINGS CERTIFICATES 


32nd ISSUE 
SALES 

SUSPENDED 

The 32nd Issue of National Savings 
Certificates was suspended from 
sale from close of business Tuesday 
10Marchl987. 

Sales of this issue remain 
suspended until further notice. 


national 

SAVINGS 



fgacd byte Department farNMlnmflSrTtpga 





136 , 000 workers are kept busy 

in our properties. 


For fifty years, we at English Estates 
have beenbusy developing andmanaging 
commercial and industrial property 
throughout England 

And to date, there are 136,000 people 
working in our properties. Quite a hive of 
activity by any standards. 

In fact, we are now the largest 
developer of industrial and commercial 
proper ty in the country, with sixteen 
offices across England. 

As a Government ageneywe stimulate 
economic activity and help create jobs in 
areas where private property developers 
don’t wish to venture. 

Wfe have already developed38miIIion 
square feet of property at more than 


500 locations. And, this yea; we are 
planning to spend a further £45 million 
developing more space to house even 
more jobs. 

We offer a wider range of properties 
than anyone else in England All are 
carefully designed to provide an ideal 
working environment and constructed to 
the highest specification to ensure lasting 
quality and reliability. 

Whether they're for sale or lease, all 
our propert i es are available on flexible 

ENGLISH 
ESTATES 

The Developing Agency 



and helpful terms. But our service doesn't 
end there. 

V\fe ensure that all our estates are 
maintain ed to the kind of standard in 
which businesses can thrive. 

And we put the businesses in our 
properties in touch with the relevant 
national and local assisting agencies. 
Advising them where to go for details of 
grants or other forms of financial aid they 
maybe entitled to. 

In certain areas we can even lay on a 
specialist business adviser to solve any 
problems or identify areas for growth. 

In fact, we do all we can to help the 
businesses in our properties to succeed 
and keep more and more people busy 


St George's House, Kingsway, Tteam Valley. Gateshead, Tyne & Wear NH11 0NA 







Weinberger ‘acts to 


curb intelligence 
sharing with Israel 5 


‘Quit’ call 
to Chief 
Minister 
of Sarawak 


Financial Times Wednesday March XI 1987 

OVERSEAS NEWS . 

Anthony Robinson reports on a growing self-confidence in the National Union of Miners 


miners 


balance of power 


BY ANDREW WHHlEY IN JERUSALEM 


MR CASPAR WEINBERGER, 
US Defence Secretary, has 
acted to restrict Intelligence 
sharing with Israel and to hold 
up bids by Israeli companies 
for US military contracts, 
according to Israeli politicians. 

■M . i _ A kn fko 


The reported action by the 
Defence Secretary, regarded in 
Jerusalem as tbe least sympa- 
thetic member of tbe Reagan 
Administration to Israel, comes 
in the wake of the life sentence 
given to Mr Jonathan Pollard, 
the US Navy intelligence 
analyst, convicted of spying for 
Israel. 

Tbe Israeli cabinet is due to 
hold an emergency meeting 
today to debate the repercus- 
sions of tbe Pollard affair which 
has badly strained the usually 
dose bilateral relationship. 

Mr Yehosbua Maori of the 
Israel-US Chamber of Com- 
merce. said yesterday the 
chamber had beard about the 
difficulties Israeli companies are 
apparently facing in the US and 
was seeking urgent explanations. 

The Defence Ministety in Tel 
Aviv said, however, that it was 
unaware of the problem. 

With continuing pressure 
from public opinion and the 
Knesset (parliament) for a full 
disclosure of tbe extent of the 
Government's knowledge about 
any Israeli spy ring in the US, 
senior cabinet members from 
both Labour and Likud have 
dosed ranks against demands 
for an indepedent inquiry. 

“ There is no need for a com- 
mission of inquiry,'’ the hard- 
line Prime Minister has said. In 
characteristic fashion, Premier 
Yitzhak Sham commented: 
“ What happened is usually 
known to those who should 
know — and whoever does not 
know should continue not 
knowing." 

Heading the resistance to any 
further disclosures over what 
is. by common consent, a highly 
embarrassing affair, is the so- 
called “ Prime Minister's dub ” 
made up of Mr Shamir of 
Likud, and his predecessors, Mr 
Shimon Peres, the Foreign 
Minister, and Defence Minister 
Yitzhak Rabin, both of Labour. 

Challenging the trio is the 
influential figure of Mr Abba 
Eban, Israel's elder statesman, 
who heads the Knesset Foreign 
Affairs aqd Defence committee. 

Serving notice that parlia- 
ment is not prepared to let the 


matter slide, Mr Eban said yes- 
terday his intelligence subcom- 
mittee would be. taking up the 
case. 

The subcommittee, which 
meets behind dosed doors, is 
expected to hear Mr Rabin’s 
account tomorrow. 

Meanwhile, Israel is expected 
to feature uncomfortably prom- , 
inently in a forthcoming US 
State Department report to | 
Congress on countries main- 
taining anus links with south 
Africa in defiance of inter- 
national embargoes. 

The report will be formally 
presented by President Ronald 
Reagan on April 1, in compli- 
ance with legislation passed by 
Congress six months ago, and 
its findings are likely to aggra- 
vate a relationship alrcidy 
badly strained by “Irangate” 
and the Pollard affair. 

Israeli politicians have bela- 
tedly woken up to tbe danger 
presented by the South African 
issue which, if untended, could 
at worst lead to a cut-off in US 
militar y aid to Israel, running 
at $1.8bn (£l.3bn) a year. 

"There is a problem,” admit- 
ted Mr Ehud Olmert, a senior 
Likud politician close to Prime 
Minister Shamir, a> and sooner 
rather than later, we shall have 
to address overselves to it” 

Over the past decade, tbe 
Israeli defence industry has 
developed a broad web of con- 
tractual relations with its 
South African counterparts 
ranging from the construction 
under licence of missile boats 
to reputed nuclear weapons 
corporations. 

But faced with official denials 
of any arms sales to Pretoria, 
concrete details of the relation- 
ship have proved extremely 
hard to come by — even for tbe 
US diplomats charged with 
drawing up the draft report 
now being finalised. 

Israeli arms experts estimate 
that the average annual value 
of the export of hardware and 
technology probably exceeds 
BlOOm, making it a leading 
customer for the order-starved 
Israeli military equipment 
industry. 

Under pressure from tbe US, 
Israel now appears to be 
urgently re-assessing what the 
Government has always re- 
garded as an important strategic 
relationship. 


By Wong 5u tong * Kuala Lumpur 

A POLITICAL crisis has 
erupted in the oil and timber- 
rich East Malaysian state of 
Sarawak where 28 members 
of the 48-strong State Assem- 
bly an reported to have de- 
serted the Chief Minister, 
Dato Talb Mahmud. 

The 28 have sent a tele- 
gram te Dato Talb Mahmud 
demanding his resignation. 

If he refuses to quit, they 
atm to call on the governor 
to convene an emergency 
meeting of the State Assem- 
bly, where a vote of no con- 
fidence against him would be 
tabled. 

The 28 members, including 
four members of the nine- 
member State Cabinet, 
accused Dato Talb of betray- 
ing the cause of the Buml- 
pntras (indigenous groups). 

Dato Talb has flown to 
Kuala Lumpur for consulta- 
tions with Dr Mahathir 
Mohamad, the Prime Minis- 
ter, after calling a news con- 
ference in Kuching, the state 
eapltaL 

Dato Taib heads a govern- 
ment of four coalition parties, 
which control all the 48 State 
Assembly seats. Tbe 28 rebel 
assembly members are from 
all the four parties, includ- 
ing 16 from Dato Taib's party, 
Pesafea B m nl put ra. 

Sarawak, about the size of 
England, is resource-rich, but 
under-populated. Its L3m 
population comprise Khans, 
Chinese, Malays and some 12 
other native groups. 


THE lodging of a 55 per. cent 
pay claim by the blade National 
Union of Mineworkers a few 
days after the conclusion of a 
10 week strike by thousands of 
supermarket workers at OK 
Bazaars, marked tbe beginning 
of what promises to be a turbu- 
lent year for the South African 
mining industry and labour 
relations generally. 

The detention of blade 
political activists under the 
state of emergency has re- 
inforced the isolation of black 
trade unions as the only legiti- 
mate channel for structured 
black-white negotiations. In- 
evitably this has led to tbe 
unions becoming the standard 
bearers of wider political and 
social grievances. Black anger 
at apartheid has spilled over 
into rejection of capitalism and 
the rhetoric of socialism. 

In effect the NUM rally at 
Soweto's Jabulani Stadium to 
mark the end of the NUM's 
four day annual congress last 
week was the biggest political 
rally since the state of emer- 
gency was imposed. An esti- 
mated 15.000 delegates and 
supporters crowded the stadium 
, decked with portraits of Nelson 
Mandela and other banned 
leaders and cheered Congress 


resolutions calling for " a 
democratic socialist society con- 
trolled by the working class" 
and closer cooperation with 
"progressive organisations fight- 
ing apartheid-” Such scenes 
have not been witnessed for 
months — and the security forces 
did not intervene. 

This implicit recognition Of 
the unions as a safety valve is 
in line with the philosophy 
behind the 1979 Wlehabn 
Report which lead to the 
legalisation of black trade 
unions. It remains the most 
significant reform of apartheid 
to date. The question raised by 
the scale and nature of this 

year's union demands is 

whether a deal can be reached 
without strike action and a 
souring of labour relations. 

The union is pressing the 
Chamber of Mines to start nego- 
tiations in April instead of May. 
But even before the negotia- 
tions start it has raised the 
threat of strike action if, by 
March 30, the Chamber does 
not issue a declaration of intent 
to dismantle the migrant labour 
and hostel system. 

The apparent aim of the 
union is to gain control over 
the hostels by replacing 
indunas, representatives of 





iphosa: 
Cyril I 


tribal authority, with elected 
worker representatives before 
tiie negotiations start It wants 
the tadunos replaced im- 
mediately. 

Abolition of the hostel system 
has become a highly emotive 
issue following the death of 
133 miners in faction fighting 
last year, but replacement of 
tbe century-old system within 
one or two years poses Immense 


practical problems^ not least in 
the accommodation of foreign 
workers and their fMritioB - 

T. a^ i year the union settled 
for a revised final wage otter of 
23.5 per cent, just over half its 
original demand of 45 per cent 
across the board. This year it 
has upped its starting position 
to 55 per cent Mr Cyrt Ran*; 
phosa, the unions articulate 
. and impressive general sec- 
retary, has made clear however 
that tiie demand is not only 
based on union calculations of 
the industry’s capacity to pay. 
but also as a way of c h a ng in g 
the distribution of income in 
favour of labour. 

Chamber o£ Mines figures 
show that overall labour costs 
as a proportion of total costs 
have remained remarkably 
constant at around 45 per cent 
over the last four years, despite 
black pay rises over and above 
inflation. This is partly because 
In recent years white miners 
have received increases below 
the rise in inflation. 

Union leaders have become 
Increasingly aware nude higher 
wages are increasin g the 
tendency for the industxy to 
invest in labour-saving mechani- 
sation mid it Is now demanding 


the right to be involved la 
SSfcSrtion plans before im- 
plementation- This is part and 
parcel of tbe mcrea^g^seK- 
confident union’s ambitions to 
Sange the balance of power in 
the industry. 

The endorsement - at this 
year's congress of the 1J55 
Freedom Charter means that 
the union is 

ted to nafionaHsatiOT of the 
mines, a major political risk 
factor for foreign investors. But 
Mr Ramaphosa mad* clear that 
much work and discussion still 
had to taka place before 
crete plans for nationalisation 
were worked out 

His caution appears to reflect 
the economic policy re-think 
now apparently taking -place m 
the African National Congress 
leadership in exile. While call- 
ing for “ democratisation of 
the control and direction of the 
economy,” the latest ANC 
thinking also recognises tile 
need for policies wtdeh 
- ensure that the wealth of tbe 
country Increases significantly 
and continuously.” ■■ 

At present tbe temptation to 
mflk the mining cow rather 
than nationali se it- still .seems 
uppermost, despite the increas- 
ing level of rhetoric. 


sO 


1 jf H 


Row breaks out over HK 
plan to reform press law 


Pretoria sets stimulatory 
money-supply targets 


Moderates 
’could win 
40-50 seats’ 


BY DAVID DODWEU. IN HONG KONG 


BY JIM JONB IN JOHANNESBURG 


Explosion as 
Shevardnadze 
visits Vientiane 


AN EXPLOSION shook the 
Soviet cultural centre in Laos 
while Mr Edward Shevard- 
nadze, Soviet Foreign Mini- 
ster, was in Vientiane, the 
capital of an official visit. 
Western diplomats said yes- 
terday, AP reports. 

The diplomats, said one 
Laotian guard was reported 
killed and another injured in 
the blast outside the centra 
It was not known if the blast 
— “apparently a bomb**— was 
linked to the Soviet Minister’s 
visit 

No other details were avail- 
able. 


HONG KONG government plans 
to reform local press laws 
appear to have backfired as 
political figures and newspaper 
proprietors have joined forces 
with local journalists in an 
eleventh-hour bid to block legis- 
lation. 

Despite the protests, the new 
law is expected to pass onto the 
Statute Book at a meeting of 
Hong Kong’s Legislative Coun- 
cil today, but not without 
arousing a controversy that will 
split the Council, and not with- 
out warning Peking that many 
in Hong Kong remain anxious 
over their future under Chinese 
rule after 1997. 

Government officials appeared 
perplexed yesterday by the sud- 
den eruption of controversy 
over legislation unveiled — and 
blandly debated — as long ago 
as last December. 

They regard it as an Irony 
that a row has broken out over 
a new law that replaces — and 
significantly moderates— draco- 


I ■ H E N E \\ E X ( I L L P O C K E 7 P H 0 X I 


The smallest,lightest, 
most advanced cellphone 
in the world. 


Measuring a mere 7'x 3*x 1* and 
weighing only 18 Vi ozs, die Excdl Pocketphone 
is the world's only genuinely miniature 
cellphone. So portable that you can cake it 
anywhere and use it anywhere,* 

Yet it gives you all the performance and 
fe at u r es of much bigger 'phones. 

V/e could mention rapid charging as 
standard, signal strength and battery meters, 
an optional dual network facility, data access 
and hands- freet and literally dozens more. 
AH in a cellphone that’s so small, light and easy' 
to operate that it’s always a pleasure to use. 






3 e C3 3 
S CD CD ) 


Just as the ’phone is pocket sized, so is 
die price. You can buy a Pocketphone for only 
£1 ,990 or lease one for an extremely competitive 
£11.99 a week C+ VAT).* 

So why not call us for a demonstration or 
return the coupon. 

Then well show you that as well as being 
the smallest, lightest, most advanced cellphone 
in the world, the Pocketphone also happens to 
be the best: 


POCKET THE DIFFERENCE 
for only £> 1 1 * 99 a week. 


Here are just a few 
of the Pocketph one’s many features: 


O CONTINUOUS IN-CAR USE O FULLY CHARGED 


IN LITTLE MORE THAN 1 HOUR O WORKS IN 


TRAINS CITY &R COUNTRYSIDE' O DATA 


ACCESS O SHORT CODE 99 NUMBER MEMORY 


O 32 CHARACTER DISPLAY O HANDS-FREE t 



’PHONE NOW FOR AN IMMEDIATE! 77 V i 

DEMONSTRATION OR FREEPOST TODAY 

LINES ALSO OPEN SUNDAYS lOara— fpm I Please send me a brochure □ Please arrange a demonstration □ j 


SOUTH NORTH MIDLANDS I 

01-387 5795 061-941-2323 021-631 3130 I 


EXCELL POCKETPHONE ! 


I-CM1M& 




nian powers introduced in 1951 
when, local officials feared, that 
fifth-columnists spilling into 
Hong Kong from a China that 
had just fallen to a Communist 
Government might try to under- 
mine the existing colonial re- 
gime and Import the revolution. 


Having purged from the law 
almost all the sweeping powers 
then vested In the Government, 
just one contentious clause re- 
mains — one In which the Gov- 
ernment can fine, or imprison 
for up to two years, anyone who 
writes “false news" intended 
“te cause public alarm or dis- 
turb public order.” 


Few expect the existing Hong 
Kong Government to abuse tbe 
“ false news " provision — not 
least because it is answerable 
to a democratic Government in 
Westminster. But some have 
made it dear they have no 
Buch confidence after 1997, 
when Peking assumes sover- 
eignty over Hong Kong. 


SOUTH AFRICA’S central bank 
has set mildly stimulatory 
money supply targets for 1987, 
aimed both at lifting real 
economic growth this year and 
contributing te a gradual de- 
cline in the rate of Inflation. 

In Pretoria yesterday, Dr 
Gerhard de Kock, the reserve 
bank governor, said that the 
bank was targeting M3 money 
supply to grow by between 14 
per cent and 18 per cent 
between the fourth quarter of 
1988 and the fourth quarter of 
this year. 

Dr De Kock said yesterday 
however, that he did not expect 
a significant return, of business 
confidence in 1987. Tbe 
Governor’s cautious views on 
business and consumer con- 
fidence are underlined by his 
expectation that overall, real 
economic growth will be about 
8 per cent far the year. 

Dr De Kock says the South 


African economy has performed 
particularly well in generating 
the current account surpluses 
which have allowed the country 
to service and repay a portion 
of Its foreign debt. 

He was reluctant to elaborate 
on this year's likely debt repay- 
ment agreement, raying that 

pr eliminar y disCUSSiOUa are at 

a sensitive point 

However, be said that 
economic pi»«ni«g is based on 
continued repayment of debt — 
“ We win not do a Brazil " — and 
a current account surplus of 
about RSbn. equivalent to about 
5 per cent of GDP. 

• A Johannesburg judge yester- 
day temporarily . interdicted 
police from seizing copies of The 
Star, the country's largest daily 
newspaper. The police had 
objected to an advertisement 
placed by the Detainees’ Parents 
Support Committee calling for a 
day of fast in support of political 
detainees. 


By Our Johannesburg 

Correspondent 

MODERATE and independent 
candidates could win between 
40 and 50 seats in South 
Africa’s 178-seat white parlia- 
ment, the opposition Progres-" 
Sive Federal Party claimed 
yesterday. 

It also believes that a moder- 
ate alliance could oust the rul- 
ing National Party in the next 
general election, which has te 
be held in 1989, Hr Ren 
Andrew, the PFFs ■ federal 
chairman, said at the unveiling 
of the' party’s election mani- 
festo. v. 

The manifesto says the PFFs 
principal aim is to build an 
alliance of reform-minded mod-; 
exates seeking an apartheid-free 
South Africa, and calls for a 
hew constitution negotiated by 
all races. 

On the. other side, of the 
political spectrum, the ultra- 
right Herstigte Nasionale Party 
and the Conservative Party 
have moved closer towards an 
electoral pact 








s Kri 


A luxurious new way to enjoy 
Florida’s famous Palm Beach Style. 



/ffiRS - 
’i : 




Zjt=^ ...... 

-■‘—i rt r:-”'' 


'SSS Ivr 


^ Ban] 


Trump Plaza offers mote of evetything. More views: 
from your terrace you look down on the ocean shore. 

Lake Worth and the celebrated Palm Beach 'Yadtt Club neatbjt 
More sun: there’s a morning pool and an afternoon pod. 
and two sparitms, Terraced and landscaped sun decks. 

More service: the extraordinary professional staff 
is always at the ready to naike your life continuously pleasant. 
More comfort and luxury: from the regal lobby to the 
health dub to your horned expansive layout, there’s 
nunc here than you've ever seen in Palm Beach before 
DhcOTttTcump Plaza/ wberePalm Beach comes to life. 


■ Wj 3 ' ■ 


■flat jxsw 




TWO AND THREE SEDSOOM CONDOMINIUM KEm3ENCES/PENTHClU5ES AND 
GRAND PENTHOUSES PRICED FROM TWO HIK’iHED AND SEVENTY-rwO 
1HOUSANDTO OVER ONE MHJLKM DOLLARS. 


TRUMP PLAZA OF THE EMM BEACHES 

525 South Ffagjcr Drive, Wes Palm Beach. Florid* 35401 USA Dept AW 102. 305-655-2555. 



;w- 







IN BEIJING 

WHERE ELSE BUT THE SHANGRI-LA 
The finest name in China’s capital dry. 

S Shangri-La hotel 


SHMKKMA INTERNATIONAL: • LONDON ffi) 91 4117. 


bank leumi (uk) pic 

interest Rates 

Bank Leumi (UK) pic announces that wrfri 
effect from the close of business on 10fh 
'March 1987 its base rate for lending is 

(educed tom 11 per cent per annum to 
10% per cent per annum. 

bank leumi mwHpp m 

Where sway customer counts 













* ~>-~- j-^vvy- • ;-- 


tJrpiJ 1 (jr* L*£^ 


& P«fcnt 

^ea 

■ SOLTI. 

V«* 

p -=Srf5. 

daiay 

3 EDja*. 

: Jhe ri 

f -h* c»j» 

a ha: a 
Mr Kta 
isierj 

■jrveiaj 


r *rfr 

bjui 5; 
so-i. 

ia - J 

’- 'f tbs 
Hr? 

V»» p”7 
ik 


Financial Times Wednesday March XI 1987 


Cruz resignation 

deals blow to 
US Contra policy 

BY UONB. BARBER IN WASHINGTON 

to «* *> vote battle looming in' the xntnmn 
££? f®? *K h ^S® r to relea5e When the Administration will 
S*aS£ Ntoraguaa Con- present a request for 8105m of 
Tote cornea amid further aid for the Contras. At 
^ gns of disarray present the vote hangs in the 
vdttm the Contra movement balance. 

JjffijjJJ®* by Monday night’s A State Department official 
S?SStelS^ tUr ° ^ attempted to ptoy_ down the 


significance of Mr Cniz*s resig- 


— iwi«mn,iG»vc Vi AU ViUAO 

Mr Cruz's resignation as dir- nation. "We hope that Ur Cruz 
ector of the umbrella United ^ continue to be in the move- 
Nicaraguan Opposition (UNO) ment which opposes the totali- 
u a serious blow to Washing- tarian regime in Nicaragua,” 
ton’s hopes of creating a cred- he said. M But UNO is not a 
ible alternative to the Sanril- movement which is dependent 
nista government in Nicaragua. on one individuaL” 

But the timing of his departure Western diplomats said that 
Is highly embarrassing for the *** Cnu was likely to continue 
Keegan Administration. to be a player within the Contra 

Mr Elliott Abrams, Assistant C'SiS XSufiJS 
Secretary of State and chief S* 1 ^Washington could invite 

architect of the Contra policy, J? fS5L 

is in the thnw nf i-whiniMs formed future umbrella organ!- 

SffiS&SS -*-*«»• as * "£“5 

Sra*5R »$«?»«» 
55 2 - «s»--s 

C 2?* cruci® 1 autumn vote on future 
gress is largely symbolic be- aid. Many lawmakers have been 
S4< £? searching for an excuse to cut 
instalment of (100m of mHi- off funding for the Contras 

,°^ er already and Mr Cruz’s gyrations could 
y S r * provide them with the let-out 

Democrats m the Bouse of Be- Mr Abrams and his State De- 
presentatives are considering partment colleagues must be 
.f5 ht X* hoping either for some deci- 

to block the aid, it is widely give military success in the 
believed that Congress cannot field in the spring »nd summer 
m u st er the two-thirds majority offensives or for an attractive, 
necessary to override a certain convincing reshaping of the 
presidential veto of any such leadership if they are to null 
blocking measure. - - ■ ■ 


autumn victory on 


Much, more important is the Capitol Hill. 

Departure of moderate 
threatens unity of rebels 

BY PETER FORD IN MANAGUA 

MR ARTURO CRUZ’S resigns- Force (FDN), the Contras’ 
tian from the most moderate of largest army, retained real 
the Nicaraguan Contra groups power 


has shocked his rebel colleagues 


UNO’s Washington 


and dealt a serious blow to the spokesman, Mr Ernesto Palasio, 
mov ement ’s wd % unit y «*k. 


Insisted on Monday that 


Mr Cruz resigned on Monday programme of reforms recently 
from the leadership of the announced by the directors of 
United Nicaraguan Opposition UNO would continue.” Bat Mr 


(UNO), the Contras* 


_ "as* political 
umbrella group, complaining of 
a lade of "pluralism” within 


Cruz has clearly lost faith in 
such a possibility. 

Since he joined the UNO in 


the movement, which opposes July 1983, Mr Cruz. 68, had 
the Nicaraguan Sandinista gov often threatened privately or 
eminent. publicly to resign, because of 

"1 don’t believe I con- . clashes with Mr Calero. 
tribute anything by staying one The r e signa t ion annonnee- 
jninute more,” Mr Cruz jaM in ment came after a meeting of 
a * -resignation ■■ ■ statement 7 the,. . . FDN-domiuated; UNO 

addressed' fa. ' fhn Nlw>rag THin »RCi»niMy jit San Jnjifl, where Mr 
^ y wgfPT tiny in Cruz apparently argu«i that the 

Miami and SjUTJose, . Costa -assembly should . renew ; itself 
Ricai ' • -V"-" ' • through elections among all 

Mr Grtuffl separation from the Nicaraguan exiles. That call was 
UNO; leadership came only three rejected. _ . 

weeks after a rival ehirf Mr In military terms, Mr Cruz s 
Adolfo Calero, resigned, in depaitnre is unlikely_t0 have 
what had been seen as a. victory . much impact. The FDN army of 
for more moderate Contra peasant youths is committed 
factions. overwhefimnpiy not to the UNO, 

Mr Grnz, however. Indicated but to its military chid!. Col 
he felt little had changed, and Enrique Bermudez, a_ former 
that lb Calero’s highly censer- officer in the- Somoza National 
vative Nicaraguan Democratic Guard, and to Mr Calero. 


programme and gre ater 
emphasis on the preservation of 
Peru’s export potential. 

The report said tot tijhowjh 
the Government bad ait ttj* 
t$on from 250 per amt to the 
gist half of 1985 to under 70 per 
cent, its stabilisation and reacti- 
vation programs was en- 
countering difficulties. 

The Government has also 
broken relations wgfctimjtajm; 
national Monetary Fund and has 
for new 

IMF loans. 


Brazil debt talks 

Sir Franctoco Gres, Brazil 
central bank governor, Is to 
meet key members of its 
advisory committee of leading 
hanb creditors in New York 
today, unites Alexander 
Niooti. - ' " . 

High on tiie agenda I* 
expected to be Brazil's flSfan 
In short-term interbank and 
trade credit lines, which have 
been effectively frozen by the 
central bank. 


Canadian share promoter 
shot dead in hotel foyer 

.YBERHAWSMCW™™^"™ the cmdhn miato, 

THE SHADY world erf industry calendar, 

national “boiler room securi- j “boiler rooms" 

ties promotion ■jJjMJjySSKi flouririied by using high-^es- 
over into bloodshed Jbn M°nda- telephone maiketing tech- 

night with the 01 a ^ ^ securities to to 

P"“3£g Toronto vesto« in many parts of the 
SSS “I ^ W °Mr* Lamarche at one time 

Mr Guy tWSrtf AaSS worked for Capitol Gains Rv 

ESSJST 

S el SESSff’SSMfflf! 

Ssr tTT^ Ss."^ *■« 

attended ^ Jf ^^hS^ghts operated by Canadians, 
gates, »s one 


Babbitt 

declares 

candidacy 

By Lionel Barber 

MR BRUCE BABBITT — the 
waspish former Governor of 
Arizona, yesterday became 
the second Democrat to 
declare formally his longafaot 
candidacy for bis party's 1988 
presidential nomination. 

Mr Babbitt, whose main 
challenge is to create a 
separate identity from the 
many Bkeiy onfldates among 
Democrats, doctored on the 
armpadgn trial Out his fin* 
priority would be America's 
children. 

Mr Babbitt's candidacy fol- 
lows the declaration by 
Representative Richard 

Gephardt of Missouri two 
weeks ago. The current front- 
runner, m r Gary Hart — who 
ran a close second to former 
Vice-President Mr Walter 
Mandate in 1984 — has yet 
to announce his candidacy. 

Other democrats expected 
to enter the race are Senator 
Joseph Blden of Delaware, 
Rev Jesse Jackson, the black 
civil righto lender, and, 
poosOdy, the Governor of 
Massachusetts, Mr Michael 
Dukakis. 

Mr Babbitt, Governor of 
Arizona for nine years, is the 
heir to a 820m family fortune. 
Be concentrated yesterday on 
domestic political themes 
rather than foreign policy, 
where he has little experi- 
ence. 


AMERICAN NEWS 


Mary Helen Spooner reports on a debate over just how poor Chile’s citizens are 

Facade of comfort disguises Chilean poverty 


ON A street corner In an upper 
middle class residential section 
of Santiago a half-dozen tattily- 
dressed men walk through the 
traffic hawing bags of peaches 
and prickly pears. A few blocks 
away more street vendors offer 
roses, dustdoths and packages 
of biscuits to motorists stopped 
at tiie red light. 

Chile's official unempl oyme nt 
rate, according to the Govern- 
ment’s National Statistical Insti- 
tute, recently reached the lowest 
level ever during General 
Augusto Pinochet’s 13$ -year-old 
regime, with 8.8 per cent of the 
labour force out of work. The 
number of jobless Chileans 
enrolled In government work 
projects for the unemployed, 
which pay less than minlirq i n 
wage, has also declined to 
roughly 4 per cent of the work- 
force. 

Nevertheless, a debate is 
under way in Chile concerning 
the precise level of poverty, 
with gover nm ent economists 
and critics of the regime offer- 
ing conflicting evidence of im- 
provement and deterioration in 
the lives of the country's under- 
class. 

The United Nations Regional 
Economic Programme for Latin 
America and the Caribbean 
(Prealc) estimates that Chile 
has a levd of underemployment 
equivalent to roughly IX per 
cent of the labour pool, which 
accounts for one-fifth of the 


country’s gross national pro- 
duct. This group Includes 
street vendors. part-time 
workers and other seml-em- 
ployed Chileans whose ranks 
are not included in the official 
unemployment statistics. 

Father Jose Aldunate, a 
Jesuit priest working in a low 
income neighbourhood In 
western Santiago, estimates that 
from 40 to 60 per cent of the 
heads of households in his area 
do not have steady jobs. 

“People are forgetting what 
stable employment is,” he said. 
“This involves a loss of habit, 
of personal discipline which 
will be very difficult to recover. 
Even If jobs were to suddenly 
become available, many people 
around here wouldn’t apply for 
them.’’ Father Aldunate said 
criminal activity, including 
prostitution and theft, had in- 
creased noticeably in his parish 
in recent years, especially 
among youths. 

Government economists, on 
the other hand, detect a diminu- 
tion in the level of extreme 
poverty In Chile, from 21 per 
cent of the population in 1970 
to 14 per cent in 1982. Odeplan, 
the Government planning mini- 
stry. based this estimate upon 
census data on housing condi- 
tions, the number of people 
living in a given dwelling, the 
existence of plumbing and con- 
sumer durables and access to 
health care, recreation, food 
and clothing. 



Slam dwellers line up at one of the soup kitchens in eastern 
Santiago, 


“ Basically, we’re defining 
the extremely poor as those 
who have no chance of any 
betterment without some out- 
ride intervention. " Mr 
Alejandro Rojas, an Odeplan 
economist said. “These include 
the illiterate and severely 


malnourished. Our goal is to 
direct the social services to 
where the need is greatest” 
Odeplan officials do not 
include unemployment in their 
calculation of extreme poverty, 
viewing joblessness in most 
cases as a temporary situation. 


However, although the level of 
severe poverty may have dimin- 
ished in Chile over the past 15 
years, there are compelling 
indicators suggesting that 
living conditions for the 
country's lower income croups 
as a whole have deteriorated. 

Wages and salary levels, 
adjusted in accordance with 
inflation, are still below what 
they were in 1970 by roughly 
IS per cent. In 1981, the last 
year of Chile’s short-lived 
economic boom, average salaries 
had almost recovered their pre- 
vious levels before falling 15 
per cent over the next five years. 

United Nations figures for 
Latin America show Chile’s 
romimniri salaries to have fallen 
more sharply over the past five 
years than those of most coun- 
tries in the region. 

Santiago's poor neighbour- 
hoods do not have the outward 
appearance of misery that many 
other South American slums 
have. The houses in a Chilean 
poblacion (slum) are usually 
equipped with electricity and 
running water. Yet the relative 
comfort of the dwellings sug- 
gests their inhabitants have 
known better times in the past. 

“ Many of my neighbours 
subsist on tea and bread with 
margarine,” Father Aidunalte 
said. “They may own a tele- 
vision set, but won’t sell it 
because it has become a neces- 
sary distraction from their daily 
problems.” 



FREE AIR TICKETS Two tickets for the price of one, to almost 20 international destinations 
on flights from October* onwards when you spend £300 (Or only £250 on an Austin Reed chargecard) at any 
branch of Austin Reed before 20 June. This can either be a single purchase or cumulative, provided the first 
purchase is for £50 or over. _ 

For example, you and a partner could fly with British Caledonian jm # 
from Gatwkk to New York, Paris, Lagos, Geneva or Dallas and only / ai lilfflKB lien 

pay for one ticket 

For full details of this unique Austin Reed offer, pick up a leaflet at <f Sfleaent Srtieet 

any branch. 

•Flights between 1 October 1987 and 31 March 1988, excluding 12-24 December inclusive. 


You too can become the best dressed man In New York or almost anywhere in the world. 

























6 


Financial Times Wednesday March U ^ 


American 

\ 

Airlines 
to the USA 

from 8 
European 
cities. 


FTom London/ 
Gatwick, 
Manchester, 
Paris/Orly, 
Frankfurt, 
Dusseldorf, 
Munich, 
Geneva'and 
Zurich! 



AmericanAirlines, 
American Airline. 

Call your travel agent or nearest 
American Airlines office. 


‘Ranted* 


WORLD TRADE NEWS 


Control Data signs 
eight-year computer 
accord with India 

BY TERRY DODSWOfflM, INDUSTRIAL EDITOR 


CONTROL DATA, the US com- 
puter group, has signed the final 
details of a novel eight-year 
agreement aimed at accelerating 
die development of an indige- 
nous computer industry in 
India. 

The deal, under negotiation 
for three years, is seen as a 
significant step in the spread- 
ing of computer technology to 
the developing world, where 
electronics Is rarely treated as 
an Investment priority. At the 
same time, it will give a wel- 
come boost to Control Data's 
activities after a two-year spell 
of losses from which it is only 
just beginning to recover. 

Control Data's partner in the 
transaction will he the state- 
owned Electronics Corporation 
of India, which is building a 
new facility at its plant In 
Hyderabad for the manufacture 
of the American-designed 
machines. 

Employees from the Indian 
company are already under- 
going advanced training at 
Control Data's Minneapolis 
headquarters on the production 


techniques and marketing of 
the computers, which an aimed 
at a wide variety of applica- 
tions, including engineering and 
scientific analysis, the banking 
industry, transport, education 
and research. 

The eventual aim of the con- 
tract is to transfer the entire 
technology for the manufacture 
of the co mput ers — the medium- 
powered CYBER 180 models — 
to the Indian computer indus- 
try. In the current year, how- 
ever, Electronics Corporation is 
expected to import about 12 
completed machines from the 
US while building up its capa- 
city in Hyderabad. 

Next year, the Indian com- 
pany is aiming to move into the 
assembly of the computers from 
components imported from the 
US. 

These machines will then be 
marketed by Electronics Corpo- 
ration under the Medha brand, 
keeping them distinct from the 
higher-powered Control Data 
range which the US company 
hopes to continue selling on its 
own account in India. 


Ericsson wins Bundespost 
personal computer order 


BY SARA WEBB IN STOCKHOLM 


ERICSSON, the Swedish tele- 
communications and electronics 
group, has won an order from 
the Bundespost, the West Ger- 
man telecommunications and 
postal administration, worth 
DM 70m (Stftan) for personal 
computers. 

Ericsson has agreed to supply 
8,000 personal computers which 
will be used in the Bundespost 
telecommunications offices 
across the country. The order 
was won in the face of compe- 
tition from 32 personal compu- 
ter and terminal manufacturers 
including both Siemens and 
Nixdorf of West Germany. 

The order includes both Alfa, 
skop terminals, which need to 
be hooked up to a main system, 
and the upgraded WS-286 per- 
sonal computers, which can 
either be used as desktop com- 
puters or be hooked up with a 
main computer. 

The upgraded WS-286 has an 
Increased capacity and Is more 
efficient than the earlier 
models. Ericsson developed the 
upgraded WS-286 (known as the 
AT version) as a direct com- 
petitor to IBM’s AT modeL 


The Bundespost bought Erics- 
son terminals before, in 1885, 
but Ericsson regards the order 
es an Important step in the 
West German market where it 
competes with Siemens. 

“All the big suppliers were 
competing in the field. The 
Bundespost is bound to buy the 
cheapest equipment with the 
best facilities," said Mr Michael 
Reuter, head of telecommunica- 
tions information. 

The Bundespost said that 
after consider ina the technical 
capabilities, price, and ways in 
which equipment from the 
various manufacturers could 
he used with their existing 
systems, (hey decided that 
the “ best offer came from 
Ericsson." 

However, while the Bundes- 
post would not discuss particu- 
lar aspects of the equipment, 
Ericsson claims that its key- 
boards, screens (which display 
black on a white background) 
and wordprocessing facilities 
are popular, and that the 
modules give customers flexi- 
bility in the design of the 
system. 


Atlantic air 
traffic 

down in 1986 

A WEAK dollar and fear of 
terrorism which kept Ameri- 
cana away from Europe last 
year caused the fin* annual 
dr@p in North A t lanti c air 
truffle since high oil prices 
led to an economic aqneeae 
in the 1976s, the airlines re- 
ported yesterday, Renter 
writes from Geneva. 

Air traffic between Europe 
and North America dropped 
SB per cent to 19.7m pas- 
sengers last year, according to 
the International Air Trans- 
port Associati o n (lata) yes- 
terday. 

The figures are far the 48 
scheduled airlines carrying 
passengers between Europe 
and North America (Ctaada 
and the US). The Geneva- 
based lata has 1S1 member 
airlines which account for 72 
per rent of world air traffic 

Mr G neater Eser, lota’s 
direetor-gezteni, said: “The 
combined impact of a 
weakened dollar and tire fear 
of terr o rism triggered the 
first (annual) decline In 
North Atlantic traffic since 
the economic crisis of 1974- 
1975." 

lata said fat a news release 
that there were encouraging 
d p s for in du str y in 1987. 
Passenger totals on the North 
Atlantic route rose In Novem- 
ber and December 1986 by 
4 per cent and 6.7 per cent 
over the same two months in 
1985. 


Brown Boveri 
to supply US 
power plant 

By WBften Dufttbrc* fa Genova 
BROWN BOVERI, the Swiss 
electrical engineering group, 
has won a SFr 90m (558m) 
order to supply components far 
a US power plant under con- 
version from a partially con- 
structed 800 MW nuclear unit 
to a 1,300 MW coal-fired station. 

The Swiss concern will do the 
system engineering for the two 
steam turbine-generators and 
will supply a topping turbine 
and its generator, together with 
other major components, for the 
Zimmer plant, some 30 km 
south-east of Cincinnati, Ohio. 
The plant Is due to start oper- 
ation In 1991. 


Turiay signs $287m 
road loan agreement 

THE Turkish Government has 
signed a 5287m loan agreement 
to finance the construction of 
the Edirne to Kinali section of 
a motorway which will eventu- 
ally run from the Bulgarian 
frontier to the Syrian border. 
David Barchan! reporta from 
Ankara. 

The package includes a Euro- 
loan of $191~5m; a UK ECGD 
credit o t gSfcScm, and a Japanese 
Fxtm Bank credit of 843m. The 
Euro Loan financing carries a 
spread of 1J per cent over six 
mouths London inter-bank offer 
rate (Libor) plus a management 
fee of 2 per cent over 8i years. 


Egypt and Australia to 
start power station talks 


BY TONY WALKER M CAIRO 
EGYPT and Australia are 
expected to begin detailed dis- 
cussions scon on plans for a 
5L8bn coal-fired power station 
and trans-shipment port to be 
built at Zafv&na, south-east of 
Cairo on the Gulf of Sues. 

Egypt is seeking a coal-fired 
alternative to its ail-fired power 
stations in a bid to cut bade 
on the use of oiL _ 

Mr Maher Abaza. Egypt’s 
Minister of Electricity, said 
that Australian technical 
experts would visit Cairo next 
month to discuss the prepare- 


pro 


's ofl reserves are 
under pressure because of 
rising local demand. At present 
usage and without significant 
new finds Egypt would be a 
net importer of petroleum pro- 
ducts by the end of the eea- 

"a Abaza said Australia had 
offered to pay the foreign 
exchange costs, expected to be 
about 82m. of drawing up sued- 
fications for Zafarana which 
will Include a 2,600 MW power 
station and a trans-shipment 


tion of detailed specifications port capable of han dl i ng 15m 
which will form the basis at an tonnes of coal a year. 


I 


international tender for the 
Zafarana scheme. 

The World Bank with equip- 
ment suppliers and coal expor- 
ters are to fund the project 

Mr Abaza said he expected 
preparation of specifications to 
take about six months. Bidding 
and evaluation would probably 
take a further two years, lead- 
ing to a fire-year construction 


The Electricity Commissi an 
of New South Wales would be 
involved as joint managers of 
the project ^ 

Mr Abaza said Egypt was 
also planning to proceed with 
the coal-fired Ayun Mousa L200 
MW power station in the Sinai. 
The Japanese are funding the 
preparation of sp ecifi ca ti ons 
for Ayun Housa. 


Japanese 

trade 

surplus 

increases 

By Carta Rapoport kt Toyfco 
JAPAN'S trade surplus con- 
tinued to widen in February 
jumping to 87.11m from 83-9ba 
a year ago on a customs 

clearance basis. 

Exports rose by its per 
cent to $17.2hn, while imports 
declined by M per cent to 
BlObn. Experts to the Euro- 
pean community, however, 

rose by 34J per cent to 
33.11m, the second highest 
figure on record. Imports 
from the EEC were also up, 
by *5.9 per cent to fLZbu, 
but this was not enough to 
dent the large trade surplus 
between the EEC and Japan 
which reached a r e read in 
February. 

Leading exports worldwide, 
according to the Ministry of 
Finance figures were general 
machinery, up 24 £ per cent, 
electronic machinery, up i&g 
per cent and cars, up 124 per 
cent. 

The Ministry for Interna- 
tional Trade and Mvhy 
(MW), however, was quick to 
point out yesterday that in 
yen terms, Japan’s extents 
dropped by 14.7 per cent front 
a year earlier, the 16th 
straight monthly decline. 

EEC dumping 
rules studied 

By Pater Montagnoo, 

World Trade Editor 

EEC proposals to extend anti- 
dumping regulations to pro- 
ducts assembled In Europe 
out of cheap imported parts 
contain some * very, very diffi- 
cult points for us to accept,” 
a senior Japanese official said 
in London yesterday. 

Mr Fualtake YoshMa, 
director general for trade 
policy of the Ministry of 
International Trade and 
Industry, said he was at the 
start of a visit to several 
European capitals as well as 
the Commission in Brussels to 
establish the “ real Intention 
and content” of the new pro- 


The EEC* plan to crack 
down on so-called “screw- 
driver operations ” which still 
has to be approved by Its 
Council of Ministers has 
unleashed a barrage of pro- 
test from Japanese industry 
as wen as threats to slow 
down or even reverse invest- 
ment plans in Europe if the 
proposals go ahead. 


Maggie Ford reports on a battle against red top® 

Japan finds profits worth 
the problems in S Korea 


IT 28 opening time at Seoul's 
largest department Store, the 
Lotte. Shop assistants, im- 
maculately dressed in crisp 
fashionable uniforms and white 
gloves, line up for the cere- 
mony. After a recorded pep- 
talk from the founder, the front 
doors are thrown wide, and to 
the strains of the grand march 
from Verdi’s Aida, shoppers 
make their entrance pest rows 
of bowing staff. 

If this is a quintessentiaUy 
Japanese experience in South 
Korea, then the Lotte company 
is also a ' unique institution — 
the only business to the country 
owned 100 per cent by a foreign, 
investor. Mr Shin Kyok Ho, 
Lotte group chairman, is, how- 
ever, actually a Korean 
although he lives in Japan. 

The Lotte complex to the 
centre of Seoul already 
a large hotel,, offices and a shop- 
ping arcade and will more **ian 
double to size by the time the 
Olympic Games are held next 
year. In the past three years 
Iaxtte has invested almost 
8400m in its new complex. 

She size of the investment 
dwarfs other Jananese outlay 
to South Korea and^a^sray 
that the rules on subsidiaries 
aod joint ventures are to 
blame. Total direct investment 
by Japanese companies to South 
Korea reached- $134m last vear 
compared with 5636m to 1985, 
a figure which includes the 
■second phase of the Lotte' croup 
investment worth 8300m. 

Although the amount of in- 
vestment has gone down, the 
number of projects almost 
doubled friun 58 In 1985 to 108 
to 1986. This partly reflected 
efforts by small Japanese com- 
panies to avoid the con- 
sequences of the appreciating 


JAPANESE 

INVESTMENT 



Sntem 


700—, 


600-SOUTH 

KOREA 

500- 


400- 


300- 


h 

Wudw 

HU* 


200 - 


100- 


& m }: : i p 

a m - m 
s m w i 


M 

1983 S3 84 
$e u iB*tanimy<>tRnmK>a 


South Korean hands. But* an 
investment would typically be 
accompanied by technology 

licensing, officials say. The ^ m 

yen by manufacturing p-.rts and Korean stake in the company 2mH j es p 
small electronic items offshore, would be held by one or two jnrexnoi 


Koreans would P 1 ™* 
memories of harsh treatment 
during 35 years of Japanese 
colonial rule before the end of 
the Second World War still 
rankle with the population. 

The Japanese ? n ^2 e ? 3y Ji? 
suffer as a result of their his- 
torical role to what is now a 
highly nationalistic conntiy.but 
companies have nevertfcetes 
been prepared to PUt up with 
the difficulties and restrictions 
in their search for profits. 

South Korean officials attn* 
hute a surge in investment dur- - 

gfuffTii IMS Kf* 

Japanese efforts to supply the 
emerging Chinese market with 
cheaper electronic goods .such 
as black and white television 
sets and watches. These Items 
can be made much more 
cheaply to South Korea with its 
low wages than in Japan. The 
figures also reflect Tokyo s in- 
terest to the subs tantial pro- 
gress made by the South Korean 
economy. 

Officials on both rides expect 
Japanese investment in small 
manufacturing companies to in- 
crease, though not markedly, 
while and incdninj-sjzed 

Japanese companies continue 
to seek ways to cut their pro-, 
duction costs and remain com- 
petitive. 

Earlier efforts by Japanese., 
companies to import cheaper 
components from South' Korea 
to use in their own finished pro- 
ducts met with failure. Domestic 
demand by large Korean Com- * 
panies for parts for their own 
finished goods had been fuelled 
by rising export demand, lead, 
tog to a shortage. 

South Korea, struggling to 
cut a trade deficit with Ja 
which last year reached. 


is not unhappy if Japanese com- 
roduee in the country 
to Japan. 


Although^ South Korean people only, so that protection Officials are aware of US and 


officials claim that there are no 
restrictions on foreign invest- 
ment, Japanese investors say 
government approval can be 
secured only for two types of 
investment. A Japanese com- 
pany can acquire a «m»n per- 
centage stake to an existing 
large company, such as Mazda's 
8100m investment to Ria, the 
South Korean truckmaker, 
which Increased its holding 
from Just over 7 per cent to 
almost ll per cent 
Second, a larger bidding of 
perhaps 40 per cent can be 
acquired in a smaller company, 
so long as control remains to 


against the loss of management European concern that Japan- 
controls was strong use companies are trying to 

Government policy has there- avoid quotas a Pd other trade 


fore encouraged Japanese in- 
vestors to favour Taiwan over 
South Korea, diplomats say, 
where 100 per cent ownership 
of subsidiaries is allowed and 
tax and labour conditions are 
better. 

They complain that In South 
Korea government officials and 
the media invariably take the 
workers’ side in any dispute 
between management and the 
labour force where s foreign 
investor is involved. 

While this may be true. 


barriers by moving production 
of parts and finished goods off- 
shore, but are not yet seriously 
concerned that such efforts 
could affect their own trade 
relationships. 

Meanwhile Mr shtn can look 
forward to continuing returns 
on his investment with demand 
for hotel rooms likely to surge 
as tourism grows in advance 
of toe Olympics. To many of 
the Japanese businessmen who 
favour his hotel, he most seem 
to have the best of both worlds. 



lay, tivis polyamides form part of 
group of high-grade engineering 
rmoplasfics. EMS have specialised 


Today, EMS 
the gro 
thermo. 

In such materials for 40 
their own processes and technology to 
improve them. EMS have created new 
properties for polyamides - those re- 
quired by the latest product technolo- 
gies. 

That Is why with Grilamid, one of 
our top-quality engineering thermo- 
plastics, we are very much In the new 
products, high-technology market. For 
example in fibre-optics, watch hous- 
ings, spectacles, sports footwear and 
automobiies-wherever progress makes 
higher demands on our materials. 


Our products ore capable of "A 
meeting many specific criteria Expert 
EMS consultants, backed by extensive 
applications engineering, help you to 
solve your engineering and processing 
problems. 

EMS is a name you am trust. We 
are an internationally active Swiss 
chemical and engineering company 
and we guarantee qualify, reliability, 
know-how and customer service. 

EMS-CHEM1E AG, 

CH-7013 Domaf/Ems, Switzerland 
Telephone 081/3601 II 
Telex 74 380, Fax 061/36 3616 


^ In Great Britain: 
EMS-GRILON UJ10 ltd. 

Astanftelds Industrial Estate 
Drummond Road 
GEWStaffard ST76 3EL 

F*te°^i 9,2l ' lfe,ex 36254 


■LMS 

ENGINEERING PLASTICS 
SYNTHETIC FIBRES 
ENGINEERING 








•i flaw «'• a>i >r n irie i Attimi&Mii 


ff 







I ~r,r: 

-sizSiZ^Xa 'jJH _.v .. 


, o-* 


Financial Times Wednesday Mart* 11 1987 

management 


EDITED BY CHRISTOPHER LORENZ 


*mS| 

?e sm** 

Sa.«3 

SPa 

IS04 


S3! 

5| 

??! 

■fcwyg 

at£ 

t-Sj 

**«*?£ 

jftokefly 


- Ji ?anese 

l. ce «S 

„7V -Vir-a 

«S*4i 

- nOCsgi, 

’-.s ^ a 

, --ir ih»a 

! *o fuelS 

2 »i.SS 

relics b 
u ia3 J *sa 

*** «5 

;35=>SeoS 

“* wuat; 

o ? VS«j 
■ fc K Japan- 

trad- 
.P^u^- 
i ?>:•£$ ■3 4 . 

ch " 

W tij 
car 

r “ wars 

itii ctse; a. 
■ v ’•: S!» * 

:n sr.^.-i 
5 Hiz;. $ 

••ff. =■£ (v 
■"“-• Hi; 

-- *::* 


CIVIL SERVANTS In the UK 
are talking more and more the 
language Of manaffp^^t Flang, 
delegated budgeting; monitor- 
ing and review are now can* 
sidered tools of the trade in 
Customs & Excise, for example, 
in the same way as in any 
private sector company. 

The vehicle ■ for thi« ■ radi- 
cal change in approach is 
tn* Government's Financial 
Management Initiative (FAQ). 
Launched in 1982 with the 
P«sp*u* push of the Prime 
Minister, it was aimed at 
extending management account- 
tag — used in limited areas of 
the public service — into the 
whole range of the dvtl service. 

_ One of FMTs key objectives 
is to gain better value for money 
in public expenditure, which 
accounts for 43 per cent of total 
spending . in . -the economy. 
Another is to make civil 
servants more accountable to 
meir senior managers for their 
budgets. 

. Its potential as a tool to 
increase cost effectiveness is 
thus very much greater than 
the more publicised efficiency 
scrutinies, spearheaded by 

CHRIS PACKMAN is the 
controller (still termed Col- 
lector hi ^ Excise) 

of the East Midlands region. 
His experience is atypical for 
this job; he came into the 
civil service as a “fast-s,* earn” 
entrant . and worked in the 
Treasury as well as at C and 
E headquarters. Most Collec- 
tors come up through the 
regional offices. 

He is an enthusiast for FBH 
and his region has become a 
showpiece for Its execution. 
He has a budget of around 
£19m, of which £7m-££m is 
spent on wages and salaries 
for the 830-850 staff in the 
region. They split between 
two distinct functions; VAT 
inspection, trying to ensure 
that local traders pay the cor- 
rect VAT; and customs in- 
spection at the ports and one 
airport in the area. 

The big difference since 
FMI was introduced is that 
Faekman is now responsible 
for framing the budget sub- 
mission to headquarters, 
which is consolidated into the 
annual bid to the Treasury. 

He monitors the budget 
spend. “If my staff spent over- 
budget making visits to 
traders, that used to be some- 
thing picked up by head- 
quarters, not roe. Now it is 
my responsibility " 

likewise, be has some flexi- 
bility ever manpower. With- 
in an upper limit Packman 
can vary manpower levels 
according to what he believes 
neeesaty to achieve his tar- 
gets. He might, for example, 
spend more on casual labour. 


During Mrs Thatcher’s first term, great effort went into making 
the Civil Service more efficient. Hazel Duffy reviews progress 

Culture shock in Whitehall 


Maries and Spencer’s Sir Derek 
(now Lord) Kayner, and guided 
now by Sir Robin Xbbs of ICL 

The efficiency scrutiny was 
always more loc&L The FMI 
was intended to be all-embracing 
and continuous. In tills it was 
more in hooping with the 
radical move to cash limited 
public expenditure introduced 
in the late 1970s, and a natural 
development from that. 

' Earlier, more specific initia- 
tives — notably the top manage- 
ment system (MINIS) brought 
in by Michael Heseltine -when 
he headed 'the Department of 
the Environment and subse- 
quently the Ministry of Defence. 
— were integrated into the FMI. 

The whole thrust of the FMI, 
however, unlike MINIS, was to 


involve dvfl servants at all 
levels, rather than concentrat- 
ing on those at the top who 
prepared the departmental bids 
for fluids in the smiml public 
expenditure round. 

Its Introduction Into this 
diverse bureaucracy of nearly 
600,000 staff was never going 
to be straightforward. Never- 
theless. while some depart- 
ments have hardly got away 
from the starting blocks, others 
have made considerable strides. 

Progress is very much in the 
hands of individual depart- 
ments. Sir Peter Middleton, 
Permanent Secretary to the 
Treasury, told the Commons 
Public Accounts Committee 
recently: “We cannot go more 
quickly than the departments 


can go. It would be a mistake 
to push it too fast.” 

The permanent secretaries all 
agreed to the programme. In 
practice, they vary in their 
determination to Implement it. 
Success depends frequently on 
the energy with which the 
middle layer — the under-secre- 
taries, assistant secretaries, 
principals — provide the lead, 
followed by those out in the 
field. 

Customs and Excise is one de- 
partment which has supported 
the initiative enthusiastically. 
In January 1983, officials drew 
up a development plan based 
on work that had already been 
going on to improve financial 
management in Uie department 
This proposed development of 


four main systems, all now in 
place or in the process of being 
implemented. 

They are: management plan- 
ning: control of resources (ac- 
counting, costing and budgetary 
control) ; measuring achieve- 
ment; and management infor- 
mation systems. Inevitably, 
their implementation has 
raised problems. 

Some are technical, others 
pose fundamental questions for 
the future direction of the 
civil service which may not 
have been envisaged at the 
time of its introduction. In the 
first category is the problem of 
devising a system whereby 
achievement in the public ser- 
vices can be assessed. This was 
the subject of an inter-depart- 









As part of hs latest management scheme, the Government h trying to measure achievement in the Civil Service. But if drugs stnugling drops at 
East Midlands Airport, b it because more staff have been allocated to this task or has the operation moved elsewhere- 

A duty to perform at Customs and Excise 


or more on overtime, rather 
than fining all the “posts” 
(as jobs are called In the civil 
service) allocated to the 
region. - 

He also has same discretion 
•n hew mneh he spends, for 
instance, on the refurbish- 
ment of staff accommodation 
(the Property Services 
Agency, however, finds the 
offices for Packman as it does 
for all other branches of the 
Civil Service). 

Packman enjoys the greater 
responsibility now delegated 
to him. So do his managers. 
More responsibility, however, 
brings more pressures. Pack- 
man's performance as a man- 
ager is now much more 
closely measured. He reasons 


that, while he appreciates that 
there must be some control 
from the centre, he would be 
a better manager If he were 
given more authority. 

He does net have any say 
in the appointment of his 
senior staff, for example. That 
is decided by headquarters. 
“I would like greater scope 
to plan and produce re- 
sources over a longer period 
and I would like more free- 
dom in areas like accommoda- 
tion. I still have to go 
through third parties on quite 
small matters.” 

C and E is beginning to 
plan more like the private 
sector, looking ahead five 
years where possible. The 
198647 plan, for the first 




time fnchzded a look ahead to 
1990, similar to the Govern- 
ment's medium-term financial 
p lanning exercise. 

But the main discipline in 
the Civil Service continues to 
be the annual expenditure 
round. 

Shortterm horizons can be 
frustrating- In the private 
sector, year-end accounts are 
a snapshot of the company on 
that day but in the Civil 
Services, It Is the cut-off point 
If his region underspends In 
1986-87, the money is not 
held over for 1987-88. 

“About three-quarters of 
the way through the year, it 
always looks as though I am 
shooting for an overspend. 
Hie tendency is to panic, and 


cut back. Then, towards the 
end ol the year, it begins to 
look like an underspend. 
There is a rush to spend the 
money — the mad March 
spend. But certain things 
cannot be bought Just like 
that. We end up spending on 
useful but not . essential, 
things." 

There are other problems. 
Host of his staff, particularly 
the younger members, re- 
spond enthusiastically to man- 
agerial disciplines. Bnt some 
complain that they did not 
join the Civil Service to be 
managers. Packman has to 
work with both attitudes but 
he cannot offer incentives, 
other than job satisfaction, to 
those who relish increased re- 


mental review published last 
year. 

In the second category, basic 
issues of organisation are 
raised. Can civil servants be 
expected to behave like 
managers in the private sector 
when most of them, even at ' 
senior levels, do not hove con- 
trol over the recruitment of 
personnel? Can they continue 
to be motivated merely by the 
reward of doing a job well, 
given that financial incentives , 
are very limited in a system 
where national pay bargaining 
operates? Can the Treasury, as 
minder of the public parse, at 
the ■»"» time be the primary 
promoter of the intitiative? 

Despite these caveats, nobody 
in Customs and Excise doubts 
the significance of the exercise. 

“ Changes in approach in large 
organisations cannot be encap- 
sulated snappily, bat I think 
everybody here would agree 
that the changes are substan- 
tial and very fundamental. 
There are very lively debates 
about how far they can be 
taken but there is no doubt 
that they are very real,” says 
Sandy Russell, one of the 
architects of FMI, now a senior 
official in Customs and Excise. 

sponslblllty. 

The exception is the per- 
formance bonus, now in the 
second year of a three-year 
experiment for all senior civil 
servants. Packman has the 

authority to recommend his 
senior managers for it 

Packman feels that until a 
new VAT management infor- 
mation system for Customs 
and Excise — developed with 
the help of consultants — is 
introduced later this year — 
it Is difflralr to manage as 
effectively as he would like. 

Measuring the effective- 
ness and efficiency of the VAT 
system is a more developed 
exercise than Customs work, 
where the department, with 
the Home Office, is In the fore- 
front of the campaign to re- 
duce drags smuggling. For 
instance, if more staff are 
allocated to this purpose, and 
drugs seizures drop, does this 
mean that the carriers have 
stopped, or decided to shift 
their activities away from the 
East Midlands airport? 

In spite of the difficulties 
stemming from a highly cen- 
tralised bureaucracy, and 
technical challenges unique to 
the public service sector, 
most of the managers in the 
East Midlands Collection 
think that FMI is working: 
“By nature civil servants are 
cautious, but I think manage- 
ment is being subsumed into 
our culture," says one. 

Hazel Du fly will report on 
events at the Department of 
Transport on Friday’s Man- 
agement Page. 


A different foundation 
for Catholic orders 

Michael Skapinker on long range planning 

“CORPORATE STRATEGY In Within the contest of that 
Catholic Religious Orders” overriding purpose, the orders 
sounds hke the sort of spoof set out who they thought their 
article that a management “demand groups” (or consum- 
magazine might publish on ers) were and how they could 
April Fool’s Day. But the provide for them. One order 
article appeared in the February identified 11 areas of concern, 
edition of Long Range Planning, including youth and education. 
And les author seems genuine the unemployed, the Third 
enough: David Coghlan, an Irish World and “ confused Chrxs- 
Jesuit priest who teaches at the tians." Coghlan says that “ an- 
CoUege of Industrial Relations other order spent eight months 
in Dublin. researching the needs of a par- 

Coghlan reveals that one ticulax city and diocese before 
Catholic religious order relies accepting an Invitation to work 
on a manual called "Preparing there.” 

Company Flans.” Other Catholic Policies to meet these de- 
orders, he says, have adopted mands were formulated by 
some of the basic tenets of small task forces which_ 11 facili- 
corporate strategic planning; tated bottom-up Input into the 
often without knowing they have policy and helped build con- 
done so. sensus." To communicate pol- 

Coghlan points out that Icy, one order started a news- 
religious orders have experi- letter. Another got all its local 
enced radical changes in the communities to buy the same 
environment In which they video system so that important 
operate and have had to formu- points from various meetings 
late the equivalent of corporate could be shown to all the mem- 
plans to deal with them. bers. 

The number of recruits has This process macthes that 
declined in the past 15 years, carried out by private-sector 
Many orders, Go gh inn says “do companies confronting change: 
not have the personnel to main- clarifying the over-riding pur- 
tain their current operations at pose of the organisation, decid- 
p resent or past staffing levels, fog who one's customers are, 
Many were established out of setting up a task force to 
the needs of a previous era and decide how to meet their 
so doubt about their present and demands, and communicating 
future relevance is raised." the resulting strategy to the 
To find out how they have workforce, 
adapted, Coghlan conducted sur- There is one major difference 
veys inside five Catholic orders, between a company’s strategic 
mostly in the United States. In plan and that of the religious 
unstructured interviews, mem- orders as described by Coghlan. 
bers were asked to describe Companies typically use money 
how they had formulated their to inspire their workforce to 
plans for the future. He then carry out the corporate plan, 
compared the process they de- Motivation in the religious 
scribed with the kind of stra- orders. Coghlan points out, “ is 
tegic planning carried out in a grounded in the sense of voca- 
corporate environment. tion and mission." 

Unlike some corporations fac- Which Is not to say that re- 
tag similar changes, the orders 'ward and motivation had no 
have a strong sense of their place in the orders' plans. In 
over-riding mission. One of the one ^ order's schools were 
orders, for example, has a six- pieced on a hierarchical ladder 
teenth-century constitution spe- and assigned personnel in 
cifying that its role is to ' pr<£ accordance with their place on 
vide for “the education of ^ ladder . A **001 could 

soM OS i»d hosSteis 'Sd SdS ^^ ono£ J he ® R i er,spo ^; 

in performing any other works Coghlan notes that non-profit 
of charity, according to what organisations such as hospitals, 
will seem expedient for the welfare agencies and churches 
glory of God and the common are often associated with poor 
goo< j. M management and a failure to 

The present-day statement of establish long-range goals. The 
that order’s mission is “to en- experience of the religious 
gage, under the standard of orders, he says, provides some 
the Cross, in the crucial strug- evidence that corporate 
gle of our time: the straggle for strategic planning has its place 
faith and that straggle for jus- in non-competitive, non- 
tice which it includes." commercial organisations. 


If you’re a manufacturing 
company looking for 
imnroved oerformance. 


Base Rate 

Reduced by 0.5% to 10.50% per annum 
with effect horn lOMarch 1987 

With effect from 10 March 1987 
the following rates will apply:- 


Gross 

Interest 

pa. 


10.37 


Mdland Savings Accounts 


Deposit Account 

Premier Savings 
Account 
£5000+ 

High Interest 

Cheque Account 
£ 2000 + 
£10000+ 

Monthly Income 
Account 

Saver Plus 
£ 100 + 
50500+ 
£ 1000 + 



Gross 

Not 

Interest 

Equivalent 
to a Basic 

Rate 

(ML 

'Eupwer 


PJL 

4.50 

6.34 


7.75 10.92 


10.00 

10.28 




^ infras&iiktira — ' | 

% ^Sfbr ’S^^wi^^r^esses.- repsptjohs and < ■■■ T 

%; feVdhefcMrjte-'lVV *. ' 7. ?. c 

Of . five. «inm« arv hwv-'- 


& please contact Gabriele - . . v 

p./jy.v- J,nspkrru»r«i PHTf+hTrof Sslftft ' v 







>.;GranffcRiia 97>1820 Mortr6ux. Switzerland . . 
G21/.63 5t ar Telex 453 253 HCM CH^> 




" «r\«! 

y- " 




As a managing director in 
manufacturing one of your most vital 
assets is a timely flow of accurate 
information. Information on Production, 
Materials, Sales, Finance. 

To improve performance and effec- 
tively manage resources, this information 
must be comprehensive, up-to-date and 
accessible. From recipe and constituents 
control to the intricate processes of the 
packaging industry, TRIFID can help. 

The TRIFID solution comprises not 
just state oF the art, integrated software for 
all manufacturing applications. It also 
offers a foil range or training, consultation 
and support services, brought to you by 
people with vast manufacturing exper- 
ience. who understand your problems. 
TRIFiDS business solutions are tailored 
to meet your individual needs, with 
services being available not just when 
you buy your system, but whenever you 
need them. 


special manufacturing ^ 

solutions for Packaging, 

Chemical Batch Process and Batch 
Engineering industries assist achievement 
of improved productivity and profitability 
through the use of its total solution 
philosophy 

For more reasons why TRIFID have 
the solution for you, call us today 

Trifid Software Limited, lAtoodside Park 
Chelford Rd, Congleton. Cheshire CW)2 2LY 
Telephone: 0260 280601. Telex: 66508L 



Griffin Savers [ 6.00 





NOT JUST SOFTWARE -TOTAL BUSINESS SOLUTIONS. 







8 


0 Financial Times 


Wednesday March 11 1987 


IMRO DRAFT RULES BY ER,C SHORT JJoCUHlGIlt 

Fr ame work for authorised explains 


UK INVESTMENT MANAGEMENT — 

«c short Document Investor protection vital for SRO states 


investment firms outlined 

sjstsjss s SSxkSiEr 


a5 a torohad already been in pertenee to fulfil their duties. 
fSheSl vertices * legislation contact with 300 firms which Indication that the firm is 
was made dear yesterday when had committed themselves to well organised to ensure com- 
the Investment Management membership of Imroand had pMance with the rules. 
Regulatory Organisation (Imro) contributed a £1,500 fee Membership of Imxo will in* 
published its draft rules and an towards Imro * ramiM costs. A cIude port folio managers, unit 
information memorandum. It further 600 to 700 firms naa M< j investment managers 

is the first aeH-regulatory been contorted hut had deferred ^ occupjrt } M1 pension funds. A 

organisation to Issue its rules, any decision to join. more detailed list of the invest- 

Tbey cover issues such as Although the SROs endeav- ment business With which Imro 
membership admission pro- our to represent defined sec- is concerned and which Its 
cedures the information firms tions of the investment field, rules win permit members to 
must provide, advertising, there is certain to be some transact is limited to the foUow- 


must provide, advertising, there u certain to be some tran 
customer relations, and the overlap. In addition, many in- mg: 


delegated by the Trade and tog requirements for general Management and operation 

Industry Secretary to the authorisation by people under- pj regulated collective invest- 

Securities and Investments taking investment management: ment schemes, Which includes 

Board. • They must be fit and proper of -both authorised 


In torn, SIB would delegate persons. 


functions 


They must maintain high 


and unauthorised unit trusts. 
Acting as trustees of 


regulatory organisations. Imro standards of integrity, compe- collective investment 


now ready and win seek teoce and fair dealing. 


recognition as soon as the 
SIB has become a designated 
agency. 


They must obey the rules. 


Sir Henry Fisher, chairman tion memorandum by setting 

’ - .k., Hrtu riu mla k -ki - dm,. 3UUO ZIUHl uscla. 


of Imro, said that now the rule out the information that firms 


took hid too published. Imro Wui taVe to .apply when.ppfe 


pension 


position to invite mg for membership. This will ^neededunderlheacL 
firms to apply for tortude: Details of the bosi- ta JK5l3ttJKS 


was u a position to wviib 
people and firms to apply for 
membership. 

Mr John Morgan, chief execu* 


m Mr*John Morgan, chief execu- n *A description of the kinds SStSSSi fi ^^er '^wroerme 
five, emphasised the immense and scale of the business for 222255 “ corporate 


administrative burden of vet- which membership is sought. 


customers. 

Copies of the draft rules are 
available from Imro at 45, 


ting applications and the time Resources of the firm, both f T? 

tost would be taken to process financial and staff. {KKJ v£ 5 rJl ecS 

applications. So Imro was Assurance that the directors London EC2M 

formally inviting all firms who or partners, managers and 

consider that their operations senior staff are people of Lex, Back Rage 


CLWYD'S 

COT IT 

WOW WHAT DO 

YOU WANT? 

LOWER BUSINESS OVERHEADS? 

Doing business fn Clwyd can be considerably cheaper than in certain 
other areas of the U1C 

Owytfs proximity to major martens and our unbeatable financial 
package can combine to cut your overheads at a stroke. Our package 
can include cheap loans, cash grants, rent concessions, factories from 
only £1.50 sq— ft and an Enterprise Zone. 

for further information on doing business fn Owyd. dip the coupon 
or contact the Clwyd industry Team, Owyd County Coundi. Shire Hail. 
Mold, Clwyd. CH 7 6NBL let 03522(21. 


'Hkndfor the Ctoydftu* pack 


NAME 

COMRVMY. 

ADDRESS. 


Abef wtosness*^ 

c 


FT, 11 / 3 






NOTICE OF REDEMPTION 
To the Holders of 

AMERICAN EXPRESS OVERSEAS 
FINANCE COMPANY N.V. 

14%% Guaranteed Notes Due 1989 

NOTICE 15 HEREBY GIVEN to the holders of die outstanding 14X% Guaranteed "Notes Due 

3RD t iV. nf ° — r. at T 7 i.i .1 . 


Tnut Company of New York ( the “Trustee"), and the terms of the Notes, the Company has elected 
to redeem an April 25, 2987 all of the outstanding Notes. The redemption price is 100% of the 
principal amount thereof plus accrued Interest to the date of redemption. 

Payment of the principal will he made on and after April 25, 1967 onain&t presentation and 

«irn>nil.rn(NnlMul)l. J... A.^1 1C inoo ) , -i . r- inm . i r T, .11 , 


om« ot the trustee m The Utv ofNew York (“U-S. paying Ment"). or (b) at the main offices of 
the Trustee in London, Brussels, Frankfurt am Main Jtnd Paris and the main offices of Morgan 
Bank Nederland N.V. in Amsterdam, Swiss Bank Corporation in Basle and ICredietbank $5. 
Ltwanbouigeoise in Luxembourg (rack, a “non-US. paying agent"). Payments at the offices of 
paying agents located outride ofTbe City ofNew Yo* will be made fay a United State* dollar cheek 
drawn on a bank in The City of New York or tor a transfer to a United States dollar account 
maintai n ed by a payee with a bank in The City ofNew York. 

totwe5t accrued to the dale of redemption will be paid upon presentation of coupons due 
April 15, 1987 which should be detached and collected in the n<m«l manner: 

C omm e n cing April 15, 1987 the Notes will no longer he outstanding and Interest chi the Nates 
will cease to accrue. 

Any payment on the Notes made by (a) the U.S. paying agent, or fb) a non-US. paying agent by 
transfer to an account maintained by a payee with a bank In the United States maybe subject 


tm«r penmues or penury mat me payee is not a United States person, or an executed IRS Form 
W-9, certifying under penalties of perjury as to the payee's taxpayer Identification number 
(employer identification number or spclri security number, as appropriate) and, if amicable, that 
the payee is exempt from backup withholding. Additional information reporting and withholding 
requirements may apply under non-US. laws to payments on the Notes. It is recommended that 
you consult with your own tax advisor as to the consequences of the redemption of your Notes, 
including certification^) to complete when presenting your Notea for payment. 

AMERICAN EXPRESS OVERSEAS FINANCE COMPANY NY. 

Dated: March 11. 1987 


funding 

details 


THE MEMORANDUM ex- 
plains that Imro work on to 
now has been concentrated on 
the development of the 
organisation and its rales. The 
costs incurred have been met 
Ira a bank guarantee, from 

leading City tmrfltwttonB. 

These costs will have to be 
recovered from members, 
together with Intro’s ru nning 
costs and its share of SUB’S 


Managing investments, where 


way business is conducted. vestment firms are uncertain Managing investments, where 
Under tbe 1986 Financial which SRO is applicable to this Is the sole or main activity 
Services Act toe control, them, while others operate a 0 f the firm or where the firm 
operation and monitoring of variety of investment services. jg a large investment manager 
the legislation is expected to be The act laid down the follow- to jgg own right 


schemes. 

Management of investment 


Imro supplements this gen- 

eral statement in ittintaw In-house management of pen- 


investment advice, other than 


Imro estimates its expendi- 
ture in the year ot March 31, 
1887 will he &-5m, and its 
forecast for the following year 
is £3 Jm plus its contribution 
to SIB of £950,000. 

The proposed fee structure 
win fall into three parts. 

First for any new appli- 
cant there win be an applica- 
tion fee of £1,500 (plus value 
added tax) or £500 plus VAT) 
for those applicants whose 
subscription will be 
£506. This fee is offset against 
toe first year's fees of mem- 
bership is granted, otherwise 
it is returned less a deduc- 
tion for Imre’s administra- 
tion costs. 

Second, there will be an 
entr a n ce fees payable once 
Imro has been recognised as 
an SRO, or thereafter at the 
time of admlston. This Is de- 
signed to recover the start-up 
costs and will be a third of 
the first year’s annual sub- 
scription. 

Third, there will be an 
annual subscription calcula- 
ted la one of two ways, 
according to the she of the 
firm's business. This alms, to 
recognise the position of 
t=«t»ii firms and also to reflect 
the lower unit cost of super- 
vision as business grows be- 
yond a certain leveL 

For all Anns with an annual 
gross revenue from Invest- 
ment business regulated by 
Imro of less than £25(000 a 
year, file fee is £500. 

For all other members, the 
fee is £1^00 plus a percent- 
age charge on funds under 
management, and another per- 
centage charge for any In- 
vestment business regulated 
by Imre but not involving 
funds under management. 
The charge wfil be 025 per 
cent of gross revenue. 

For funds under manage- 
ment at March 31, 1987 the 
charge is (MN1I per cent of 
funds np to and Including 
£2.5bn. 

Between £JL5bn and £10bn 
the charge Is MOtTS per cent, 
and it goes down to 0.6065 per 
cent on funds on £10bn or 
more. 

Funds under management 
are defined as: an discretion- 
ary, non -discretionary and 
advisory funds; for pension 
funds, the value of assets 
managed; for collective invest- 
ment schemes, the total valne 
of assets in the fund. 

Imro stresses that it wfitl 
not charge fees mere than 
once on the same funds. 


IN LAUNCHING the rule book, 

Imro explains that the regula- tn* 

dons have been designed to 
satisfy the following require- 
ments: 

They must give investors a 
degree of protection at least 
equivalent to that provided by 
the SIB rules, or Imro will not 
be recognised as an SRO. 

They must be clear and 

readily understood in advance 
by firms. 

They must reflect what ta 
sensible and practicable in 
investment management They 
should not be burdensome or 
slow to take effect and should 
not demand the impossible of 
firms. 

The rule book is divided 

into 10 sections with a preface 
and definitions. It is based on 
the SIB rule book published a 
few weeks ago but Imro says 
it has condensed that book as 

it applies to its members. m T .. -~ T 1 — , 

General Sales: Imro coo- . _ 

sdders that the regulations In a PPj7 for membership. 



■wsasfSraE 

aSSS 

■ v.?v* i 


1 

mm. 

IsW-f 

IP 


agreements. Rules are laid down 

terMch and toe amendments. 

the aim is to ensure that toe 
customer knows «*** % 

Say or may not do end , what 
remuneration ft receives for its 
Svfces, including common. 

The firm must also identify 
and point out any potential con- 
JSSs of interest. Imro presses 
ttSfthe relationship between 
customer and firm must be 
S^Sear with waning 

“c^tact ot 

This is one of the central 
themes in the financial service* 

legislation and 

nSes also lay down the mtm- 

Sum standards under which 
business should be conducted. 

Imro emphasises that fi r m s 
must not benefit from mmag- 
tog a customer’s affairs other 
fbaw by the agreed remunera- 
tion. Firms must not o perate 
suspense accounts for invest- 
ments, nor use customers' 
transactions to boost other 


Sir Henry Fisher, chair m an of Imro, with the roles. transactions •« »*— a 

ipty for membership. vtded that it is not selected to aspects* their investment 

The rules provide for torn disguise or have to be 


ihfe SMtion aredrawn tagettmr tti SSS£»S. ‘nT^^emSi 

S^ughorS^? rule too™* firm becomes insolvent, ot if a S also disclose the informa- 
. . . , receiver or administrator Is tioa source. 

^ appointed, or if a firm Is in The rules require that pub- 


Soraance. The advertisement Customers’ assets be 

ust also disclose the informs- kept separate. “stowerg 
m source. money must be kept m a special 

_ , , ...* client bank account Special 

The rules require that pub- i- where customers 


stitutes a fit andmtoper person toe^ “ S £ uJES tovStoStrecSmMda- apply MW 

SUBA— and proper to conduct W A/SSS^l-jto. 

tSsTSiro will take rtrfrt information «r research aimed ra< ierstimd and 

Into account compliance with to prevent* firm resigning^til at <iSS 0m Sp^ the act’s accept in advance theextent to 

ftCTShfcrffSSKS reSSmeS^Sated to «W- whit* to ? are expwed to 

Takeovers and Mergers and toe P ^^5 sta g; The act defines emphasis on effective Chinese 

rules governmg aibstantial advertlsemSte precisely. The Sitomm^Sly wtol^y are walls witoin 

quisitions o*. shares. rules flesh out toe legal require- ^e^ebout a particular en^e fim . Investmem: aw 

It emphasises that firms must ments that advertisements be customer’s knowledge of invest- agera 


acquisitions ot shares. 


Interests have been adequately calling — unsolititated calls, 
protected. Customer relations: Finns 

Advertising: The act defines perforin services for 

advertisements precisely. The ctstomera only when they are 


provide Imro with accurate and fair an 
fuU information relating to In pi 
their business. Invests 

Admission procedures: These mation 
set out toe details of how firms unless 


Guidelines spelt out on 
monitoring and compliance 

THE rules relate to the finaxt- observance of the rules. In 
dal requirements of firms and many cases Imro sets out toe 
the monitoring and compliance precise farm in which records 


unuiifc WML au»»iumituuj customer S KHOWIcuKQ m Inten ; a , , wv __ 

fair and clear in their content meats, investment needs and sw ayed by other Internal con- 
In particular, the use of past financial resources. si derations. . 

Investment performance infer- Any management of invest- . There is a special r u le gov^xit- 
mation must not be Included meats far custemera mil st be ^ n . a 

unless it is relevant and pro- governed by a customer agree- ternlpg the p ortfollooverata 

mSrimro identifies two types tosproEortioriite 
— . . .MMAMt — full customer the wxe of toe fund_ to create 


procedures of Imro. 
Financial roles: A 


central 


are kept and requires them to 
be available far at least three 


feature of toe financial services years. ... 
legislation is that firms provid- There is advice on the main- 
ing Investment services should tenance of computerbased 
have sufficient financial re- records against deterioration 


sources. There has been much 
discussion on toe capital 
adequacy requirements of firms. 

This chapter prescribes in 
some detail toe accounting 
records that must be kept and 
audited and who can prepare 


and a warning that it may be 
in the firm’s interest to keep 
records for longer periods. 

Investigation and discipline: 
These rules set op a system 
for toe investigation of sus- 
pected breaches of toe rules by 


the accounts. These records members. Imro will use its own 
proride an essent ia l part of toe compliance department which. 


necessary “audit trial” Should 
there be a suggestion that the 
firm has conducted its business 
improperly. Thus records have 


if necessary, can brief outside 
experts. Investigators wiH have 
wide powers to question toe 
staff of toe firm being investi- 


to be produced in a prescribed gated and to cal for documents. 


form 'and be available for There are two ways in which 
inspection by Imro officials. Imro will deal with breaches of 
Monitoring and compliance: its rules: a summary proeeed- 
Tmm intend to monitor toe ing, when the alleged offence is , 


activities of its member firms relatively minor, and 


througi three forms of super- 
vision; toe submission of 
regular returns, which could 
lead to further questioning or 


hearing before an appropriate 
tribunal, with the right of firms 
to have a full hearing. 

The penalties available to 


provision of further informs- Imro range from 


tion, toe prior clearance with 
Imro of a prescribed list of 
actual and foreseeable events 
affecting the firm's business and 
spot checks on particuar 
periods or particular farms of 
business. 

Imro envisage their inspectors 
checking about 20 per cent of 
firms every year, besides in- 
vestigating any specific com- 
plaints. 

Fftms are required to have 
compliance and record keeping 


private 


systems adequate to demonstrate studying. 


reprimand through to a public 
reprimand, .a fine, a special 
restriction on business and, ip 
extreme cases, to expulsion. 

The rules set out the appeals 
procedure against disciplinary ; 
action and other decisions ; 
under the rules. This includes 
appeals against decisions to 
refuse membership. 

SIB has put forward its plans 
far SROS running their own 
Ombudsman scheme, a move 
which Imro welcomes and is 


> 


"Royal A&cot 
16-19 'June 1987 

Elegance and sophisrtf cation are the keys to 
Englemere Pavilion Village. 

Ring & Brymer - Britain's leading outdoor caterer - has a limited 
number of luxury pavilions available In the immaculate grounds of 
Englemere House, just a few minutes walk from the paddock of this 
world-famous racecourse. 

Entertain your most valued clients in delightful surroundings at the 
highlight of the social calendar. 

(S) Ring & Brymer 
„..the uNiineJi btf a dis tance.- 








Contact John Buchan, Englemere Pavilion Office. Ring & Brymer, 
1 Augustine dose. Btecfctfiome Road. Cafnbrook. Bucks S13 OOW 
Tel: Slough |0753) 683155 


meat. Imro identifies two types toSprepQiw,w 
of agreement — full customer toe wxe of the fundto crea 
agreaments ^ end occasional additional remuneration, 

THIS NQTiCF noPS MOT CONSTITUTE AW OFFER FQR-SAIE AN O 
LOAN P FM ‘* W Hg n BELOW 6 HOT AVA&ABLE FOR PURCHASE QMECT 
HTOM THE BAMC OF ENGL AND. OTnO ALDC AIJj^ W THE lOANgHTHE 
STOCK EXCHANGE ARE EXPECTED TO COMMENCE ON WBMESD/GC 
11THMAAH 1987, ' " 

PABTK^JLAFSQFANlSSU^0FCl t 100,000J^ . 

8 3 / 4 per cent TREASURY LOAN, 1997 

SCHEDULE OF 1WMENTS; 

Amount paid on Is** taO.OOpmrcma 

Amom ptyabla on mMdm 6fh May IBS? £SS.EO par OK* ‘ 

(NFBEST WSWateHMAYCAflLYCN tSTHAKH AM> tSTS?7Ben 
7» low *«» KVWIWfW aa*** 

Aivwtmona Act 1961. sut^oangmihstKiM^ pq*bl&tot»mwriotot»cWi*xv 
orSmX»7er*mThm»ABl9aa.A(vlkMiniHKtamtt*W*6maoiMK*<*Ths 
Stn*£jKtwngatotf»U>**nto9**r*Mltottmtm*iUsL 

1. ei.000jj00.000 <J riw abavm Loan las bwn taauri to ftw Bvfc of Enstad on 9lh 
Moth 1987 as fe pries* of £98^0 PK.eam: *»Js*tanw of C\OOfiOQflOO tm bean 


Tim amount prirf an mm# *w £40 00 par M amt *» amowt p^vbto m S* BfcJK 
1987 «■ be £BUO pm am. ■ 

2. Th* prindpef el and inwraat on tho Loan WS bo a cNae* on NMkral Lnra 

lUn*. im*i racoina i»itM ConMUKKf fiaid of tteUiM KhBdlxn, 

3. ThaLuanmabarasaklarpaf °n lat SoowrUnt 1987, 

4. The Loan wM be bauad In lha fonn at mock wNdt «(■ bo ragfatml at M Bank 
of MKtd «r at tha Bank of bound. MfaK. and •« t» moM*. to imMplM oT one 
pm by inamanam in ewW>HI In a ccofdi e a with iho Stock ' S iw l o r Act 1963.. Stocfc 
radVmd K «» Bar* of OiUand InH for *w MXomt of mairbam of «• Onml Qfta 
Office Sarafco w« abd bo aanrfwaWa, In m*4>Ua of on* panrrn, by ewmpt tnnsfWin 
e ccu i dance with the Stock Tranefor Act 1982 and the ratoinrt aubordnM l i yldatlm . 
Tfeneforc w> ba ft«fl of stamp <fc«Y 

5. On or after 30th July 19B7 Mod may be stedhan^d Into bond* to boarK which 
wffi be seffiabie In da » oi i * iB t ta « of €100. €200. CB00. El. 000. ttfiQO, £10.000 and 
CEOjOOO. Bondi b* f«e of stamp dirt* ■ 

A 8»i* a* be I ma r chwg ta Mn with bcmdi w*hom peynen nf mtf fee. 

7. fn mua w* be peyabie hOh*mty on 1st Man* sod Ik Sapumbac Th* Sat 
Inamst payment «*M bo made on iKSeptomber 1S87 at the mte of E3.01BJ pw €10O 
of «w loan.. WbnanK tar bnereot on an* «HI ba vanarahiad bv pose inemne ns ««■ 
ba dsdw*Kf fnmt psymopt* of rmiv than fS pw sqnwn. mkvk <» btods IP feasme 
leae Incoma tax. adl be Hid bv coupon. 

8. ibock and bond* of tNaaaua and the IntKaetpayaliladnaaonsiribaajawpt bmp 
SU United Ktaodvn watiiai, pmsant or ftnum. so long aa * to shown that Via ptoefc or 

btetda are m the b eneflOM ow n ership of pataooe who empekherdoml tl ed ncy ordktarty 

raddent In tha Unbed Kingdom of Qnat MMn.and Nonhom Wand. - 

9. Further; the imanast payable on tank or bonds of #1 * Ism »*i too wamp* ftam. 
Unkad Kingdom hcanw w. prasont or futtsa. so ions as it * ahown dm dw stock oc 
bonds an fri the bwMfcMownmhfci oT paison* who ant snoratarfymafalsiR Into 
Urdtad Kingdoot of Gie« Britain and Northam heiand. 

10. For |he pwposM ofdw preca4ng pemKtpha. pareorw wanot on*nar«y reaidam 
in tha United KktgdQtn If they are refiwded a* nwgrckoariiir resident for the purposes of i 

Unbad Kbigdorp income m. 

11. ApWcadonefaf axenwdon from tMttd Kbtfxkim Income tax should. In the case of 

bnarast on smek. ba made in soda tam aa may be raqobed by the Commisitonffs of , 
Inland Rawanue. Bearer bond means w« be paid without daduedoo of Uniiad Wngdom ■ 
Inoonw ok tf accompanied byadedartpon of owwsmWp in awchfamt as msy be mqalnd , 
by the Commiaaionam of hhnd Rsuenoc. Tlie appropriate forma may be obtalnad from | 
tho inspector of Fodpi OMdaada. MaM Waeao. Lynwood Road, Thamaa CKtcoo, 
Siaie% KT7 00ft i 

12. These axompdons wfl not entitle a person to ciaint repayment of tax de d ucted 
fram inwran wises tl)a dafen to «uch rfpaytnont It mada withbi the tbna fenlt proridad 
for such dwmt under incoma tax law; under the p ww hi o na of the Ttaa* Ma nana m ant I 
Act 1970. Sacdon 43(1), no such diim writ be owtkfathisdnwRmh if kit made «M*i | 
at« yean fmm the dm on which the knarast it poyahla. In addMon, these asampdont 
wrinot apply so ea to exekide the interest from any co mpu tatt u nfor taution pu t poaea 
Of tha proto of any vada or b u aina aa carried on in tha UnhatHOngdom. Mocaovw; tha 
alowsnes of d» asampdont Jb subject to dts prcvtakiRs of any laui praaam or Juan, 
of the UrttadKkjgdom dtractad to preventing avoidance of taxation by pamdna domUacL 
leatdant or onmriy reakiam In tha Unhad Kwodom. and, in pwtkadap tha intaratt wB 
nx tw aawnpc Avan incoma tax nhara. ondar any each provieton. It Me to bo maced 
for the owpoaa o* tha Income Tta Acts M hwoms of fro poraon raatdam or onMnarty 
residant In tha United tOngdom. 

13. Unri payttiant h M hea bean made and a campfend regianation fern MbndMd 
to tha Bank of Engtodr tha Loan {odwr than amount haM hi to Cafttral Gto Office 
Sanrica tar to account of m ambtndwWfaa w pmai nt t d by lensm of abetment. 

14. Payment In Ml may be made at tat toe prior to Sth May 1B87 bm no dtacoum 
wa ba aHowad on auob paymam. bnonpat may ha ohwgad on a day-to-day baeia on any 
overdue amouw which nwy be accepted at arm equal to to London taar^br* Offered 
Rate tar savan day depoahs In atartne rUBORT piua 1 par cant per annun. Such rata 
wg be de te rmi n ed by to Bank of England by reference to market c yx wation s , on the due 
dm for to ntoant payment, for USOR obtained from such source or eouccae as to 
Bank of England that conridar appropria te. Datai* In dua payment of any amount hi 
respect of to loan w» randar to M otmant of such Loan Labia to canc stolu n and m*i 
stpount piayfoualy paid tabta to forfetaim. 

15. LeOersof aO ot me mmaybaapfitlncoderKxnl nm ioPsof mufciplasof ClOOon wrfnen 
request received by to Bank of Btgrind. New Wanes. VWtSog Sweat. London. EC4M 
BAA on any data not later than 30th Apt* 1987, Such requests must b* signed and 
muK be ac co m pen iad by to lanata of a fc m nenc. 

16. Members of to Cantnd Cto Office Sarvfce maif aut*wa » lhap»eu(ata n« ofto 
aBreemem go verni ng their mentotaWp of tot Sarvtca. sarrandar a pardy va ld letter of 
aOotrrwK to the Canto Gits Office for c a nceta t tan wtd tar to amauvvf to Loan 
c ompri se d themlnio be cradked to to tnambafs account. Dw tnembar wfw la shown 
by to accoutts of the Canto Gktt Office as being antUad to any amount of to Loan 
sML to to a a du a lon of afi persons previously en tid e d to aoch Loan and any person 
cMtiikig any enbdemsnc tfwreto. both be trestsd aa entitled to such Loan aa <f that 
member ware the Imldar of a laner of afiotmani and be table to to payment of any 
•mown dua m respect ot such Loan. A me mb er w* be an u tlad at uiy time prior to 
registration M wk h towt ¥ mufti Was of f TOO. wnounts of to Lban .credhadlo to 
member's accoum and to obtain a panlypaid taoar of aBoonent compriaing such loan, 
and such member ahaf be Sable tar to parymam of aft amounts boo oming dua thereafter 
in raspact of audi Loan, wlaaa and uto Omb ienar of afiotmam is ewrandared w to 
CtatoGSta Office for c ancel la tion aa a fores aid. 

17. Lesters nf K o tn nn t naw be au nendarad for reg is tr at ion. a ccnw are wW by a 
Complerad re glai ratt o u farm, whan to find Inaaknant is paid, unlaas payment In fUl has 
bean made before to dua data, hi whkb case toy must be surrendered for rapiatratfon 
tm Mar ton Sth May 1887: regtatadon of amoiaus cl to Loan bMd tar to accoum of 
inambara of to Carnal GBaQffica Sendee W ha eBSctad under ■ ap a r afno ng w nf . 

18. LMta to doaa of buainaa a wt 2 0 d t J uly 1987, stock taauad in accordance toh Ode 
oodcevSB be k no t wi ssg^C per cant •peasury loan. 1897 *V. The interasr due ret 1st 
SefKWTvbw 1887 nd be paid saparsrKy on bokfingsol me existing tl^ per cent Usaaury 
Loan. 1997 and on b rtd a t g a Of ~V stock aa at to doss of business an 29dt toy 
7887; corwequa m lft interest mandates, authorities for income tax taempdort am other 
notifications recorded in respect of bokfinga of etodng nock w* pot ba appBed to to 
payment of Internat dua on latSapwrebar 1887 oaMdatga of *6" atoek. 

18. the last dev for kxki s m enrettne Bank of Erarfenriof M 

■'W stock wriba 270t toy 1887. After tNa data, for pv r poaea of o an l l teado n. to T 
Stock «Ki not twtodntoalwd hom OwasMtog 8% Par oantVoaspcy loan, 1887. Pram 
toopanaig orMafnw on30rti toy 1887, to ~r aw<* ypi ba ama^Hnatad wtai to 

adstingatmA, 

JO. Cotos of this node* may ba obtained at tha Bank of- England, Naw Issues. VlMbg- 
Streat. London. EC4M BAA. or at any of to Btaretoa of tha Bnk of Erajbnd. or at to 
Gtaagow Agency of to Bank of Engend: at tha Sank of Ireland. Mwne BiAdhus, Ir 

FtaK 20 Mender Street, BtfHb teTm; «f at any ofBco Of TYta SUCfc Eutotga ta 

toLMted Kfagdem. 

' 0ui«ana»anr aniwnanr- 

Anm »ntadtw wto aw w i n tta aptobyHKMriaaVa1taaautYona9d.titaa 1995 
which MfittHd tot, In tha Interest <* the ordarty conduct of ftacaf pofcy. neither Her 
Mtov t GowammeM nor to Sat* of En tfa n H or toir taapaewa aaium or enema 

wcliangaadactaadoqbuf oetyatannouncad. mren where the, 
may WM cl teKysWam to tans on wmidt. Otto oond W ons unde. 

inuad or sold by cr on bahdf of to <3to»aramaM or the 8ati*j tor no raapotobBty can 

toratare ba aocapad far any oAahon to toft* wch dtaetMure: and dwtiudtomiMtan 

rial nefthar randv any banaaedco Htia to bt 4M Mid# nor pva iiaa to anydMmfor 

contpaneattcr. 

BANK OF ENGLAND' 

LONDON 

9th March 1987 . 









1 o-* 


: & 
and 

S3 


■i»5hL?* 


* * 


5 «*** 
tte LjU 


W 

■m miN 


£*25 


.£JS 

®'«2s 

5sg 

«^i 

i he! ^S 

?*<*! 

t ****■!? 
-rSSj 


s^aw*. 

wefts 

° 0Ver 4t l A 
«quency ,j ** 

?«*£** 


WfflTiS 
35 EMRscr 
A\0NTf« 

swoaS 


.195? 


TVSE3 

- • ■» ' -*> 
^ **?«.*, 


•*>:-»«• .<*“ 
'WM-e~ ! 

* ■'*•'** I 


VO* U*, j 
*-“•** in I 

Ir.Tfr 7 : i 

• ■•• j a 

'■’ >*» i-i ; 
‘“■■TJT-J 
-J’J -^W-» . 

- .v*r *■*■ 1 

1 :::«£« 


-Sv ~1 tr. i 

•-...-« a»»:[ 
"tt *. H*T ■ 

*trr~r *r * 

•i- :■« -n»; ! 
< - u :-s» i 




FOLLOW THESE 

5 SIMPLE RULES AND 
YOU TOO COULD 
MAKE £464,000,000. 

To look at the burgeoning profits of Hanson Trust, one might imagine 
we had glimpsed the business equivalent of the Philosopher's Stone. 

In fact, our secret is far more prosaic. We have simply established a few 
rules which guide every decision we make. 

As you read them, they may seem like nothing more than good old- 
fashioned common sense. We wouldn’t disagree. 

1. ALWAYS PUT THE INTERESTS OF SHAREHOLDERS FIRST. 

Hanson Trust doesn’t belong to the management. It belongs to some 165,000 
shareholders. It is therefore our duty always to put their interests first 

2. INVEST IN BASIC INDUSTRIES. 

We invest in industries providing basic goods and essential services to 
proven markets. Thus, our shareholders are spared the hazards of changing 
fashions and leap-frogging technology. 

5. ALWAYS CONSIDER THE DOWNSIDE RISK. 

When considering an acquisition, our first question is “How much could 
we lose if it all goes wrong?” And if the answer makes us nervous, then we 
don’t proceed. 

4. AGREE RIIDG ETS WITH OPERATING COMPANIES. 

BUT NEVER INTERFERE DAY-TO-DAY. 

If an operating company wants to develop a new product or, indeed, paint 
it sky blue pink, that’s fine by us. They simply tell us the cost the benefits 
and the attendant risk. 

Provided we agree their budget it will then be up to them to come up 
with the goods as promised. 

5. REWARD EXCELLENCE. 

We all need a little motivation in this life. 

Thus our share option scheme is reserved not for a chosen few, but 
spread widely amongst managers throughout our operating companies. 

Furthermore, when any one of them turns in an exceptional performance 
they receive an equally exceptional bonus. 


Now you know the secret of our success. But if you wish to 
emulate it, you’ll have some catching up to do. 

For 23 consecutive years we have turned in record profits, 
and last year’s reached £464,000,000. 

So those rules of ours are indeed golden ones. 



HAN 


O N 


T R U S T 


A company from over here that’s also doing rather well over there. 








' ‘j ? 

A 


v_: 




10 


financial Times Wednesday March 11 1987 


TECHNOLOGY 



Tiefenbnm: The most im- 
portant thing in sound repro- 
duction Is the Input signal. 

IP YOU are the proud owner 
of a new compact disc player 
you wHl not be pa eased to bear 
that toe purists in toe world of 
hi-fi stzSl believe that the tradi- 
tional black vinyl record pro- 
duces a better and more 
agreeable sound Cbm the 
compact disc. 

And if you think that this 
defiance of what has almost 
become the conventional 
wisdom is just tbe view of a 
few cranks, you should know 
that a company named Lixm 
Products will this year be mak- 
ing four times as many of its 
high quality record turntables 
as last year. Its total sales of 
turntables, amplifiers and loud- 
speakers are rising by about SO 
per cent on an annual basis, 
and the company expects them 
to reach £25m in about five 
years time from last year's level 
of £5.5m. 

Linn Products believes it Is 
taking off after a decade and a 
half of leading what amounts 
to a quiet revolution in the 
world of hi-fi equipment. Its 
success, soon to be confirmed 
by a move to a new purpose- 
built, automated factory, is 
based on a radical new approach 
to design, minute attention to 
quality and detail, and unusual 
attitudes to production and 
marketing. 

Linn — it takes its name from 
the southern suburb of Glasgow 
in which it is based — is the 
creation of Ivor Tiefenbran, the 
son of a Glaswegian mother and 
an Austrian father who 
emigrated to Scotland in 1939. 
At the beginning of the 29706, 
frustrated at what he con- 
sidered tbe poor quality of 
sound emerging from even tbe 
most expensive loudspeaker 
systems, Tiefenbnm decided 
that toe root of the problem 
was the poor quality of the 
signal coming off the record. 

“There was a perception in 
toe industry that the loud- 
speaker made the sound better 
— that even a bad signal could 
be improved by a good set of 
speakers,” he says. H By the late 
1970s I had proved to 


Leader of a quiet revolution 

James Buxton reports on a Scottish company challenging for supremacy in the hi-fi world 


the industry that the most 
important thing In sound repro- 
duction is the software— toe 
input signal itself— and that 
unless you feed a good signal 
into the speakers you will not 
get good sound out of them." 

To prove his point he deve- 
loped a new turntable, the linn 
Sondek LP 12. It incorporates a 
patented bearing to support the 
disc and employs vary high 
standards of precision engineer- 
ing, both in the turntable and 
tone arm. Tbe result is tbe 
elimination of extraneous vibra- 
tion which, allows the stylus to 
concentrate on recovering 
minute pieces of information 
from the record groove, First- 
time listeners found they beard 
music from their records that 
they did not know existed. Even 
tbe scratches an battered old 
records were less discernible. 

Linn then turned its attention 
to loudspeakers, deciding that 
as with turntables the cause of 
imperfect reproduction lay in 
inadequate engineering which 
Set up vibration larger than toe 
signals they were trying to 
reproduce. Its first speakers, 
introduced in 1974. drastically 
cut bass resonance 

It was only after 1980 that 
the company began designing 
the predominantly electronic 
pre-amplifiers and power ampli. 
tiers. The aim was, in Ur 
Tiefenbnm’s words, to “ nurture 
toe signal which Is still very 
delicate at this stage.” Linn’s 
amplifiers were launched in 
1985 and were the first to be 
controlled by microprocessors. 

Linn’s hi-fi equipment is not 
intended for the consumer who 
is content to buy his sound 
system at a multiple or discount 
store where, says Mr Tlefen- 
brun, “people choose equip- 
ment on its appearance or 
price. 

“We only expand our retail 
base to keep in line with pro- 
duction, which is limited by the 
size of our plant” says Mr 
Tiefenbnan, “We prefer to be 
able to meet demand very 
speedily and maintain, service, 
rather than to have a backlog 
of orders.” 

In Britain, T.im »tlij through 
a network of only about BO 
hi-fi dealers which meet the 
company's exacting standards 
for installing and demonstrat- 
ing hi-fi equipment-— Linn 
Insists that its speakers are 
demonstrated In rooms without 
any other speakers, because it 
believes that the presence of 
other speakers distorts the 


sound. Exports account for 
nearly half tbe company’s 
turnover, with the US its 
biggest single export market 
and Japan among the top five 
importers of Linn equipment 

The company’s products are 
not cheap: a complete set of 
the cheaper range of Lum 
equipment could cost about 
£L500 and it is possible to 
spend more than £4,000. But 
for that price, according to Ur 
Roy McCullough of Russ 
Andrews, Linn's only dealer in 
Edinburgh, the customer is 
getting quality at least as good 
as that of a £20,000 US or 
Japanese luxury hi-fi system. 

T-inn may shun tbe mass hi-fi 
market, but it does not try to 
blind its customers with science. 
Unlike many other hi-fi manu- 
facturers It 'does not publicise 
toe technical specifications of 


is worth about £100- 150m a year, 
of which British companies have 
about bait The market is ex- 
panding by about 14 per cent a 
year but Linn’s sales are grow- 
ing at about twice that rate, 
outselling its UK and foreign 
rivals, "People are watching 
less television, the video ana 
home computing booms are 
over, the joggers are ageing . . . 
more and more people want to 
sit back and listen to good 
quality sound,” he says. 

Some of this new interest has 
been created by the boom in 
compact discs, which has taken 
a small port of the UK market 
and has posed a dilemma for 
people who have large record 
collections. 

Mr Tiefenbnm believes that 
toe long playing record will be 
in production for at least 
another 10 years, and 



A Una worker 


a platter, checking tolerances. 


its products. “ You can’t tell 
what it’s going to sound like 
from reading the specifica- 
tions," says Ur Tiefenbnm. 
People should decide to buy 
simply on the basis of whether 
K sounds better, he says. 

T-inn believes that a revival 
of specialist hi-fi is under way 
Is Britain and elsewhere, and 
that with its strong product 
range and increasingly well- 
known name It is well placed 
to take advantage of upsurge in 
interest. Linn also experts a 
major increase In sales by 
stepping up its presence in 
foreign markets, especially In 
the US (where it hopes to 
treble sales over tbe next few 
years), West Germany and 
France. 

Mr Tiefenbnm says that toe 
world market for specialist hi-fi 


with many millions of 
record titles in existence the 
compart disc (CD) will never 
replace it Zn the meantime, he 
believes, record owners are up- 
grading their turntables and 
tone arms to match or exceed 
CD performance. The CD, he 
says, te “ just another format,” 
oaimms^nkely .to destroy tbe 
rented than were cassettes. 

"There is more information 
mi a record than there is on a 
compact disc," he says. Many 
discs, he says, sound somewhat 
lifeless and lacking in 
musicality compared with a 
well-made record. The same is 
likely to apply to digital audio 
tape (DAT), the latest Japanese 
invention that is shortly to come 
to Europe. 

Zn fact an almost messianic 
enthusiasm is detectable in the 


rabbit warren of factories and 
backrooms which have grown 
haphazardly into linn’s present 
headquarters. The workforce of 
over 130— compared with 80 a 
year ago— includes 40 
mechanical and electronic 
engineers. 

Lion works to standards of 
precision normally employed by 
toolmakers rather than con- 
sumer goods manufacturers. It 
uses high quality machinery, 
much of it computer controlled, 
and enforces ruthless quality 
control standards, which 
recently led to the scrapping of 
89 per cent of examples of a 
turntable component because of 
blemishes. Many of Its em- 
ployees are tradesmen and 
others receive in-house train- 


ing. 

Tbe 


plant has almost as much 
computer power as a small 
university. It uses this in 
research, design, testing 
finished products and stock 
control In 1985 about 7 per cent 
of turnover was spent on 
research and development Pre- 
tax profit in 1985 dipped to 
£254,000 on sales of £4.5m, from 
£779,000 on sales of £4m the 
year before, and was almost all 
reinvested. 

linn's expansion has been 
seriously held up by lack of ade- 
quate factory space caused by 
delays of several years in obtain- 
ing planning permission for a 
new plant at Eagle sham in toe 
countryside south of Glasgow — 
delays which Infuriate Mr 
Tiefenbnm when he sees 
prominent foreign companies 
given sites and planning per- 
mission to set up in Scotland in 
a matter of weeks. Now, how- 
ever, tbe new plant is shortly to 
come onstream and will allow 
a tbr eeto-flve times increase in 
output. 

It Is a sign of the company's 
confidence that it is investing 
about a year's turnover — some 
£4J$m in what will be toe first 
purpose-built plant of its kind: 
automated guided vehicles will 
transport components to 'toe 
stands where each worker' will,' 
as he does now in the" existing 
plant, assemble and pack an 
entire product, rather than 
using the traditional division of 
labour. 

It is an unusual system of 
production but the company 
finds it very suitable for a 
highly motivated workforce with 
a wide range of skills. As toe 
company’s newsletter to its 
customers states: "The people 
who work In Linn are mostly 
hi-fi nuts or enthusiasts.” 


WORTH 

WATCHING 



Edited by Geoffrey CHarlisiv. 


Vodafone rings up 
2m a week 

THE VODAFONE cellular 
radiotelephone system offered 
by Racal Is tbe UK new has 
75,000 subscribers, who are 
making 2 m calls a week on 
the system. More than 430 
cells (geagrapiiileal areas with 
transmitters) have been in- 
stalled and there are four 
special exchanges that allow 
vehicles to communicate with 
the ordinary telephone 
system. 

After only two yean of 
growth, callers using Voda- 
fone can reach 83 per cent 
of the UK publication. A con- 
dition of the Government 
licence was that 90 per cast 
should be reached by 1990, 
but that should be achieved 
by tiie end of 1988. Graphs 
produced by the company 
show that the number of sub- 
scribers has, at tbe moment, 
a faster growth rate than that 
required to meet the corn- 
projected figure of 
by 1999. 


A huge spur to 
automatic access 

ONE OF tbe largest auto- 
mated warehouses in Europe, 
occupying an area of about 
four times that of London's 
Wembley stadium, ts under 
construction at Doaningtoa, 
near Telford, Shropshire, In 
the UK. 

It Is being built for the 
Ministry of Defence at a coat 
of £24m divided equally 
between building construc- 
tion groqp Norwest Holst and 
materials handling nwi 
storage specialist Dexton, 
both of the UK. 

To reduce fire risk, toe 
depot, which will house a r m y 
stores and equipment, utilises 
a central spine building to 
which 10 virtually separate 
“spar” buildings are linked 
at right angles (five down 
each side of the spine). 


Each spur houses high bay 

(floor-to-celling) a®”®*”* 

ing, served by * 

Courier access system. Itaie 
ti«.#a»tne g. working under com- 
putrt control insert 
pallets (carriers) of goods 
from hundreds of storage 

'^pajjets are au tom a Hr aBy 
loaded from ondto 
guhtod treflJ**. «M«h men 

through * J* 

(equipped with an automatic 
to? riKtW) to a roller cote 
veyor. These conveyors, to 
the 10 spurs, take pallets to 
and from the ecntral spj®®* 
Between there and *?**;*£ 
Bng area at on* end or the 
spine tire carriage -fa done 
by automatic guided vehicles 

* incoming Items from 
suppliers are ; palletized* 
weighed and steed OU a special 
conveyor to ensure they can 
be accepted In tbe racking 
Then their details are entered 
into the computer system, 
which chooses the best loca- 
tion for each pallet, and sends 
the pallet off an an AGV down 
Hie spine to the chosen place. 
Id e n tical stock is held to 
severe! spurs, in case of fire- 
An tosutog order i$aeet& on 
the central P»P II ^minicom- 
puter (Digital Equipment 
Corperation, DEC) generates 
instructions to other DEC 
in each of tbe spurs. 
These minis in turn provide 
Instructions to the electronic 
controllers on the extraction 
equipment .and the correct 
pallets are removed. 


Way Into a 
paper mountain!. 

UK ELECTRONICS group 
has set up Racal Imag- 
ing Systems in Hook, Surrey, 
to supply document storage 
systems using optical record- 
ing technology. ^ 

The first product, BEOS 
(Racal Electronic Optical 
System), has a minimum price 
of £89.000. This baste system 
uses an optieal record /play- 
hack «mN from Hitachi of 
Japan, Control Data Corpora- 
tion or Optimem (both of too 
US). Also included is a docu- 
ment scanner from Canon 
(Japan), a screen and key- 
board display station from 
Sun Microsystems of the US 
and a controlling computer, 
also from Sun. 

The optical units use 2 2 
inch disks supplied by 
Hitachi, or by SM er Opti- 
mem of toe US. Each disk hr 
able to record 50,000 A4 docu- 
ments, any one of which can 
be extracted and seen on 
screen within seven seconds. 
Each new paper document 
can be scanned by the Canon 
unit for recording on the 
disk, fat about six seconds. 


The good news is 

FERRANTI 

Selling technolog)' 


Orsanlsatio"" Uk®ly t# 
these systems are those with 
large amounts of paper to 
which immediate access is 
important and where storage 
space is at a premium- Large 
financial services companies 
and government departments 
are good examples. 


Computer colour 
hot from the press 

JAPANESE electronics com- 
pany Mitsubishi has intro- 
'dured a colour printer for 
computer output, the G658, 
which the company says can 

produce “near holographic 
quality " with a resolution of 
lift do to per inch. 

The n»« t,hhw uses a ther- 
mal process to impress wax- 
based yellow, magenta and 
cyan inks on to paper or 
transparent acetate ibee\T 
( for projection purposes). 


Bteck ts produced by exact 
overlap of all three eMouxs. 

The machine can print on Ai 

or A3 sheets and produce at- 1 

largements. For desk-top use, 

it occupies 539 x 599 am and 

its retail price is abbot 
£6490. 


Quick scan for tfie 
desk-top user 

THE PROBLEM of getting 
existing paper-based text, 
photographs and line draw- 
ings to te desk-top publishing 
Systems without re-keylng 
everything has been made 
easier for users of the Apple 
Macintosh ting computer. 

The Californian scanning 
Specialist, Best, has developed 
software called PoMAA Pae 
for use on. its page scanners, 
enabling text or image to be 
dealt with jointly. A page 
c ontaining tot and graphics 
cut be scanned and digitised . 
to about half a minute. 

* But ‘tile text can he then 
be separated and subjected ts 
a character recognition pro- 
cess, which means it can he 
edited on screes bring the 
eomputer’a word processing 
program. It can then be • 
merged with the picture to 
yield a new page in exactly 
the form the author warts. 


CONTACTS— Rw>U UK. 0636 33251. 
Dwfon: UK. 0427 <*12fc Racal Imaging 
System*: UK, 0252 8221 M. MrtauWsbl 
Bectrie: UK ottca. 0923 770000. Dmtr 
US. (400) 040 TWO or I a UK on 0373 
©1446. 



Through torrential rain and blistering sun, the three production-series Saab Turbos pressed on regardless. After 20 days and 
nights of sustained high-speed driving, each of the cars flew past the lOOfKfO km milestone avenging speeds of 2131239 km/h, 
210/J82 fern/ fa and 208.0&& fcnz/ h rcspcrtnfh'. The times include pauses for refuelling and oil changes ( courtesy of Shell), 
changing the Pirelli PGOO ijves and senicing Saab’s high-speed test Kins sanctioned by FISA and run according to its inter* 
national rules. 


■ 


1 

9 

I 


i 



We took three of our standard Turbos out 
for a spin around the track. 23,556 laps later, 
at average speeds of around 210 km/h, 
all three Saabs had put 100,000 km behind them 
and set a total of 21 international speed records 
and two world records. 

Pretty good going for standard five-seaters. 



Alabama international Molar Speedway, Tblladega, US. A. 
October 7 -27, 1906 


Most manufacturers loosely boast about performance, road- 
holding, comfort and dependability. One has dared to put 
these qualities to the test 

Saab. 

We took three 9000 Turbo 16s to the Alabama Inter- • 
national Motor Speedway and told the team of predominately 
amateur drivers just to keep the accelerator fiat on the plush 
velour carpet 

Three weeks after the waving of the green start flag the 
Saabs bad done what no other standard car had done before - 
completed tiXMWO km (624)00 miles) at average speeds of 
more than 200 km/h (124 mph). 

We weren't surprised fay the results. After all the 9000 
Turbo 16 is designed and engineered for advanced driving, 

The 16-valve engine with an in tercooled Garrett T3 turbo- 
charger produces a whopping 175 horsepower. The com- 
municative suspension bugs the road in all weathers. The 
unerring steering and braking respond to the slightest com- 
mand. Whilst inside, the cockpit design and exclusive 
appointments promote sophisticated and alert driving at all 
times. 

All of which combine to make a Sari) something to look 
forward to kilometre after kilometre. 



Approved for advanced driving 









1987 



m 


tt 



is* J§ 

httSSL^ 


“at*; 
5es a 


f*2«a'5 

jC^ 



?■ 


*■ 


?s 


A 8e & 

toe fij 

? ^blS 

i5ap 

111 J Sc ^ai& 

devtigJ 

Publish 
*■ seaanS 

“*■ A 

a “ snphifc 

'tiglhsd 
tain ms. 
“a be a*. 

enincrc ^ 
2 s u e« i» 
a astc* sj 

- P-'*e*H 

iC duafe 

* pttmre - d 

&5» 


-Phwacial limes Wednesday March U 1987 

;rj US AIRCRAFT industry 

Michael Donne on an airliner maker’s plans to tackle competition 

Boeing pushes output to full thrust 


the world's biggest 
bunder of let airliners, is plan- 
ning to. increase its family of 
aircraft by offering airlines new 
versions of botb its best-selling 
short-range twin-engined 737 
and the bigger medium-to-lang 
range twin-engined 767. . . . 

Both ventures wm" offer 
opportunities for Rolls-Royce of 
the UK, to get Itsengineson to 
those- aircraft for the first time. 
Such possibilities are already 
attracting interest many 

airlines, including British Air- 
ways. - - 

These developments . are in 
additi on to Boeing’s' plans to 
develop a hew lSO-aeater 7J7 
airliner, which are being poshed 
ahead vigorously. Work is 
already being done on a longer, 
range version of the 747 Jumbo, 
the Series 400. and on an “ ex- 
tended range"' (ER) model of 
the 767-300 twin-jet. 

This' activity means that by 
the end of this year Boeing 
.could have no less than .five 
derivative or new. airliner pro- 
grammes under development, in 
addition to all existing pro- 
grammes. 

These ventures wm stretch 
Boeing’s resources, but are con- 
sidered essential for the com- 
pany to meet growing competi- 
tion from rival manufacturers 
across the entire range and 
payload spectrum of airliner 
operations. 

The latest version of the 737, 
probably to be called 737-500, 
will be a 100-110 seater. It will 
compete with the «rieting Dutch 
Fokker F-100 twin-engined jet 
airliner and the British Aero- 
space four-engined 146300. 

Boeing bases its strategy in 
this market sector on the fact 
that existing lOO-seaten, such 
as the F-100 and BAe 146, are 
♦airing orders it could win with 
a 100-sea ter 737 well into the 
1900s. 

Many snail airlines, especi- 
ally in developing countries, are 
seeking a cheap airliner for low- 
traffic density routes, while 
other operators are wanting re- 
placements for 'ageing 10O- 
seaters, such as One-Elevens. 

Also, there is ft rapidly de- 
veloping trend in some parts 
o c the world for more frequent 
services with small aircraft on 
■short-to-medhim range routes, 
especially where airports are 
not yet so congested as to force 
the use of bigger aircraft at 
tower frequencies. 

Originally Boeing had con- 
sidered using 3 prop-fan engine 
on the new 737. Instead it will 
use a conventional turbo-fan 
jet engine, albeit of advanced 
design. 


Current plans envisage fitting 
a new version of the US- 
French (Suecma-General Elec- 
tric) CFM-56-3. This engine is 
already used on 737-300 and 400 
models. 

But RoRs-Royee is also Inter- 
ested, and may offer Boeing a 
new derivative of its Tay 
engine (as used on the Fokker 
F-100). This would be the first 
breakthrough by Rolls-Royce 
in to t he highly successful 737 
aircraft, hitherto dominated by 
CFM International and Pratt A 
Whitney. 


existing versions of the 737 — 
the Series 200, 300 and 400 
(which can variously seat 
between 128 and 168 passen- 
gers, filling a gap at the lower 
end of the seating scale. 

The new model would be 
built on the existing 737 pro- 
duction Lines. It could be devel- 
oped quickly, for service by 
1900 once go-ahead is given. 

That depends entirely on 
winning orders. The company 
Is canvassing airlines world- 
wide, especially in the US, and 
ia confident of gaining its first 



■ 







“Si.': ! •’ - 




The nwdftjm- to loofmfe 7*7 (top) and the short haul 737— additions 
are planned to both model ranges 

The choice of a jet engine 
for the 737-500 does hot mean 
that Boeing is turning against 
prop-fans — it is still studying 
prop-fans for its 7J7 — but 
rather that it - feds current 
demand in the conservative, 
price-sensitive market for small 
aircraft is more attuned to the 
familiar jcL engine. 

Boeing believes it will be 
some time before development 
of awiaii prop-fan short-to- 
medium range airliners, such 
as that proposed by McDonnell 
Douglas with tire MD-91X. 
threatens the market status of 
the. jet-powered 737. 

Nevertheless, Boeing remains 
open minded on the possibility 
of putting prop-fans on the 737 
at a later date, or even devel- 
oping a smaller prop-fan air- 
craft of its own: if that is what 
the market wants. 

Hie new 737 will complement 


launch customers later this 
year. 

To date orders for all ver- 
sions of the 737 total over 1,750, 
from 135 operators, of more 
than 1*330 of these have been 
delivered. 

At the other end of the range- 
payload scale, Boeing is discuss- 
ing with the airlines, a further 
derivative of the 767 twin-en- 
gined medkim-to-long-range air- 
liner, called the Series 400. This 
would complement the Series 
800 extended range model, al- 
ready under development. 

Seating up to about 293 pas- 
sengers and with a range of 
about 5.000 nautical miles, the 
767-400 is seen by Boeing as a 
direct competitor to the pro- 
posed European Airbus A-330 
twin-engined high-density air- 
liner, which is intended to carry 
up to 828 passengen over the 

same Hiifanm. 


This development is aimed at 
ensuring That Boeing can com- 
pete with both the proposed 
versions of the European Air- 
bus. the A-330 short-range and 
the A-340 long-range aircraft. 

Boeing is already developing 
a long-range model of the 767, 
the Series 300 ER, to carry up 
to 261 passengers more than 
6,000 nautical miles and it has 
plans to extend this to match 
the 7,700 nautical miles capa- 
bility of the Airbus A-340. 

The short-to-medlum range 
767-400 will be launched as 
soon as Boeing has sufficient 
orders to justify development 
cost. The salesmen are on the 
road and orders could come 
later this year. The new ver- 
sion will be incorporated into 
the glinting 767 production 
line. 

A big market is foreseen for 
the 767-400 (as also for the 
A-330), especially as a replace- 
ment for high-density tri-jets 
such as the Lockheed TriStar 
and M cDonnell Douglas DC-10 
which have been used exten 
sively on short-to-medium 
range routes. 

British Airways is one major 
airline which has been showing 
interest in the 767 series, in 
both the Series 400 and the 
Series 300ER of the 767 Series. 

The Series 400 could be a 
suitable replacement for BA's 
ageing TriStars on medium- 
range routes (as could the Air- 
bus A-330), while the Series 
300ER could be useful for long- 
range routes where traffic den- 
sities do not justify the use of 
bigger Boeing 747 Jumbo jets. 

For both types of the 767, 
Rolls-Royce is interested in 
providing its RB-211-524-D4D 
engine. Both Boedng and Rolls- 
Royce confirm that they are dis- 
cussing this possibility. 

One special arena where the 
long-range 767 could be used is 
In what is called “extended 
range overwater operations ” or 
“ EROPs." Here twin-engined 
airliners are increasingly taking 
the place of four-engined Jum- 
bos or three-engined DC-lOs 
and TriStars on routes where 
long- range is required but 
where traffic loads are light 

US' rides/ closely followed by 
other countries, have hitherto 
specified that twin-engined air- 
craft flying long distances over 
water must never be more than 
120 minutes of single-engined 
flying time from a suitable air- 
port This limit is likely to be 
extended soon to 180 minutes. 

This would virtually open the 
entire global long-range air 
route network to twin-engined 
long-range airliners, such as the 
767, opening big new markets 
for such aircraft 






ii 



A/S EKSPORTFINANS 

Knansjcrings — off Eksportkicdi TrirK rium) 
(Incorporated in the Kingdom of Norway with Baited liability) 

A$50, 000,000 

14% per cent. Notes due 1990 

ThefedUramg have agreed to u*bscribc or pmamsitbsaibenfor the Notes: 

Merrill Lynch International & Co. SwedBank 


Bache Securities (U-K.) Inc. 

Barclays de Zoete Wedd Limited 
Gfi tabashea 

Tmn I nternati on al L im it ed , 
Sp are b a nfc m Rog al an d 
Tokai International Limited 


Banque Bruxelles Lambert S. A. 
Goldman Sachs International Corp. 
E F Hutton 8C Company (London) Led. 

Sparebanken Buakenid 
Swim Corporation International Limited 

Union Bank of Norway 


Note. The issue price of the Notes is 101 Viper cent, of the 
arrear, the first payment being made on 19th March, 1988. 

Listing Particulars are available in the statistical services of Extol Financial Limited. Copies of j£e Luting Particulars 
maybe obtained in the form of an Extol Card during usual bmmess bourn on any weekday (Saturday and mjbhc 
holidays excepted) from the Company Announcements Office of the QuotationsDepartment of The Stock 
w^ha3!Lr TSSnnr»ftn Street, London EC2, up to and including 13th March, 1987 or during usual business 
boursonany weekday (Saturdays and public hofidaysexcepted) at the addresses shown below up to and including 
25th March, 1967:— 


Chase Manhattan Securities, 
PorttoudHimse, 72/73 Basiughall Street, 
i London EC2V5DP 


Citibank, N.A., 
336 Strand, 
London WC2R1HB 


lltb March, 1987 


* 




* 





These securities have beat sold outside the United States of America and Japan. Jhls announcement 
appears as a matter of record only. 


NEW ISSUE 


10th March, 1987 


(D 


THE CHUG0KU ELECTRIC POWER COMPANY, 

INCORPORATED 

Japanese Yen 15,000,000,000 
5 per cent. Notes 1993 


Issue Price 101% per cent. 


Nomura Intern ation a l Limited 

TBJIaternatianal Limited Banqne Paribas Capital Markets Limited 

The Nikko Securities Co., (Europe) Ltd. 


Ajgemene Bank Nederland N.V. 
Bankers 1 
Credit! 

Kleinwort Benson Limited 
Merrill Lynch Capital Markets 
Salomon Brothers International Lmted 

Sumitomo Trust International Lnmted 


Bank of Tokyo International Limited 
COMMERZBANK 

AKTTENGESELLSCHAFT 

Dahra Europe Limited 
LTCB International Limited 
Frudential-Bache Securities International 

Soddtd Gdndnde 
Yamaichi International (Europe) Limited 




Efficiency. 



One reason why 
Cast can provide 
the most cost-effective 
transportation system 
to and from Canada and 
the United States. 


□AST 


The Blue Box System of Container Shipping 




■j. 






DIRECT SELLING 


Gordon Cramb on the implications of a' Swedish cosmetics group’s latest acquisitions 


Oriflame adds jewellery to its corporate crown 


JEWELUSRY HAS been head- 
ing the shopping list at Oriflame 
ZntenuttiiKuJ. the Swedish 
direct-selling cosmetics com- 
pany. The past year-snd-a-half 
jus brought just two such pur- 
chases, but each has been a 
chain of about 100 shops, and 
together they wttl have more 
than doubled the size of the 
group. 

Oriflame is completing the 
acquisition In Britain of Gold- 
smiths Group, paying £42m 
(Sfifin) in cash and shares to 
claim at least third place in 
the UK specialist Jewellery 
business. 


for Goldsmiths was launched. 
This had largely reflected the 
issue of new dares which repre- 
sent IS pa cent of the com- 
pony's expanded equity and 
f 17m of the purchase price. If 
there woe fears that the leap 
may have been too large, though. 


Guldfynd in three years is where 
Goldsmiths Is today, we would 
be very pleased.” 

The start made over the past 
year has turned Guldfynd 
around from an operation' pro- 
viding margiiff of barely 1 per 
cent to 2 per cent. Into a unit 


thing so drastic is in propect 
for Go ld smi ths and is anxious 
that the strategy for Scandi- 
navia should not be read as an 
asset shedding scheme under- 
taken for its own sake. The first 
thing he points out is that the 
number of remaining shops in* 


and where the impulse buying 
is carried out” 

Guldfynd has a middle- 
market image, but generally 
goes for exclusive marketing 
rights for ranges it buys in. It 
does, however, luve a Cartier 
franchise for Sweden, and 2? 


In foe summer of 1985 it paid 
& 146.4m (S22.7m) for Guld- 


SKr 146.4m (822.7m) for Guld- 
fynd, Sweden's largest jewellery 
^lyin, with a market share of 
about 25 per cent That brought 
0 k group strongly into a sector 
in which until then it had a 
limited mail order exposure. 

The 2Q*e&rald Oriflame 
drapes itself wide across north- 
western Europe— 4t is managed 
as much from Brussels as from 
Stockholm, is incorporated i& 
Luxembourg, manufactures in 
Ireland and has London as the 
main market for its shares. In 
addition, its products are sold 
in 25 countries worldwide. 

The Guldfynd purchase was 
therefore an abrupt return to 
its Scandinavian origins. The 
latest deal cot only redresses 
this balance, but makes Britain 
the group's biggest market 
Oriflame shares have Tallied 
strongly in anticipation of 
yesterday's results, after falling 
about 7 per cent since the bid 


ORIFLAME yesterday turned 
In an Increase of Just over a 
quarter in pre-tax profits for 
last year, to £649m ($16.3m) 
from £5A9m. The result came 
on sales ahead by more than 
half to £5&3Sa from £39J6m, 
in large measure reflecting 
the Adi inclusion of the 
Guldfynd Swedish Jewellery 
business. 

It Is to pay a final dividend 


of 185p a share, taking the 
1986 total from 24.5p to 29Jp, 
or Ip higher than forecast at 
the time of Orlfiaxne’s success- 
ful offer for Goldsmiths. This 
cozues from net earni ngs per 
dure of 59.7p against Sip. 


A novel alternative is being 
provided in (he form of a lOp 
cash distribution plus an offer 
of one warrant for every 10 
shares held. These will have a 
seven-year life, with the sub- 
scription price fixed at SB per 
cent above the average closing 
level for the four days to 
Friday. A one-f or-four share 
split will follow. 

Interest incomings rose to 
£L46m from £924£00. but the 
company expects an in tere s t 
charge in the current trading 
period, extended to 15 
months. Hr Jonas af Jecbaick 
(right), tiie chairman, 
acknowledged in London that 
the Goldsmiths purchase 


meant that “we have spent 

our cash.” 

Be remains on the lookout 
for new oppo rtuni ties, how- 
ever— notably In Asia where 
Oriflame already manufac- 
tures cosmetics in Thailand 
and Indonesia. One possibility 
Is the Philippines, where it 
has had permission since 1981 
to open a wholly-owned 
facility. Mr af Jodmick 
he had received assurances 
that the ysraiisrion remains 
under the new government. 

In the UK, the Adore of 
the Goldsmiths hotels will be 
decided after next month 
following approaches number- 
ing “well into two figures. 1 * 




the experience with Guldfynd 
may be instructive. 

The two acquisitions are per- 
haps notable more for their 
differences than for the similar 
sectors in which they operate. 
The Swedish company cost only 
a third of the price of Gold- 
smiths, was family controlled, 
and bought for . cash- But it 
was also in rather worse shape, 
and Mr Jonas af Jo dinick, 
Oriflame chairman, says: “If 


forecast to contribute £Sm to 
1987 -‘profits from static turn- 
over of £20m_ 

The most prominent feature 
of the period has been a pro- 
gramme of disposals and 
closures — nearly hairing the 
Guldfynd -inventory, ending its 
optical business, withdrawing 
from Finland, and cutting to 75 
its high street frontages at 
home. 

Hr af Jochnidc says that no- 


dudes 15 new outlets. Capital 
I n v es tm e nt has included a com- 
puterised stock control system 
providing daily feedback from 
each shop 

He is dismissive of many 
jewellery shops: “People go 
there only when there is a wed- 
ding or something. We have got 
to get people going in spontane- 
ously.” The new 15 have been 
placed in premier shopping 
centres “where the people are 


af Jodmick says: “We are 
happy just to be able to sell 
Cartier.” 

Goldsmiths, which baa pro- 
moted itaelf as “The Real 
Jeweller** with an emphasis on 
quality gems and adventurous 
commissioning of design, ha s 
been reassured that it will not 
be dragged down-market It has 
a history going back to 1778, 
and pioneered the electroplat- 
ing process for stiver. 


More recent yearn have 
brought diversification notably 
into hotel ownership — a dozen 
or so country establishments 
which the new parent may keep 
as a source of summer cash 
flow to offset the Christmas bias 
of jewellery sales. 

Management at Goldsmiths is. 
In any event to remain in 
place, and the business will net 
be merged into Guldfynd. 

Oriflame does intend, how- 
ever. as a next step to integrate 
Guldfynd with Lagonda, its 
Swedish mail order side. Ia the 
runup to Christmas the first 
Guldfynd catalogue went out. 
to more than two thirds of all 
Swedish households. The group 
sene direct man as more cost- 
effective than newspaper adver- 
tising. and there are no ads on 
Swedish television (Mr af Joch- 
nkk says rueftiQy: “ If we could 
be there, we would "). 

But Sweden does offer one 
useful marketing tool, in the 
form of tiie gover nment's per- 
sonal files on its populace, 
which are availalde to commer- 
cial organisations for a fee. Far 
from Britain’s out-of-date 
voters* noils, these offer online 
data detailing not only address 
and gender but also age and 

fn w wTH io,, 

The Initial salvo from Guld- 
fynd wHl this year be followed 
up with a range of more care- 
fully aimed mailshots to reci- 
pients chosen on all these 
criteria. Unless privacy gives 
way to privatisation. Its new 
British sister company will have 
to be content with something 
rather mare httrarmiss. 



go all theway in TWAs Ambassador Class. 


I feel good, travelling TWA. 

Its the big international style. 



They’ve got it, flying from most -mt 
parts of Europe to all over America. %. 

And the thing I like about it ttj 
best is I can fly Ambassador Class 3 
all the way. That’s something. 3 






TWA have 

phis Airport Express 
' system that gives you 
'* boarding cards and seat 
reservations before you go to the 
airport For all your TWA trips. So you 
pick your flight; your seats, aisle or window, 
smoking or non-smoking before ypu leave 

<f ,ars80od _ r~- 


n’voB 


-*».£> o**\ 





They call their seats Business 
Loungers'. And they are! Just six across, arranged in 
pairs, so you're always by a window or aisle. Plenty of 
space all round. Room to stretch. Leg rest Comfort! 

And the service has to be experienced—that 
real, TWA American friendly, service. 

Interesting menu with a really good cuisine. 

Some nice wines. Drinks whenever you want them. — ffijr • 

Attention and care all the way, by Flight Attendants 
who really know how to look after you. 

Ai Goes right through to the ground, too. 
m^Doyou know, your AmbassadorClass baggage . 
priority unloading. No waiting 

k,‘. ' around at carousels. j 

TWA flies to nearly 100 cities, all 
over America. Wherever you want x> — ^ ^pg|i 

to do business. Or pretty well nearby* « 

rv- !, Just find out how good business travel 

can be. Ask your Travel Agent about 

AmbassadorClass. And look forward 
to a great flight 


ms 




financial Times Wednesday March 11 1987 




'1 ' ; 0 „ 


£ r-- : •; . :.5' 


Sv - '%i~ 


On and after lOthMareh, 1987 
Standard Chartered Bank's Base Rate 
for lending is being decreased from 
11.00% to 10.50% 


Deposit Rates are — ,l — *• 

7 days' notice 6.02% 4.50% 
21 days* notice 7.02% 5.25% 


Interest paid half-yearly 


Standard Chartered Bank 

Head Office38 Bishopsgate, London EC2N 4DE 
lei 01-200 7500 Telex 885951 


Jardine Matheson 
(Finance) Limited 


SI ,000,000,000 9#% Guaranteed 
Unsecured Loan Stock 1 984/95 


Notice is hereby given that the Register of Holders 
of the 916% Guaranteed Unsecured Lean Stock 
1984/95 (“Loan Stock") will be closed foam 
1st April, 1987 to 15th April 1987 (both 
dates inclusive) to. establish the identity of those 
Loan Stockholders entitled to the half-yearly interest 
payment payable on 15th April 1987. , 

In order to qualify for the. interest payment all 
transfers, accompanied by the relevant Loan Stock 
certificates, must be lodged with the Company's 
Registrars, Central Registration Hong Kong limited, 
not later than 4.00 p.m. on 31st March. 1987. 


Jardine Matheson (Finance) Limited 

Jatdfaw. Mathmon A Co, limited 


Hong Kong. 11th March, 1987 


BANQUEPARIBAS 


no 


UJS. $200,000,000 


Undated Floating Raise Securities 


Ja ac c ord ance with the proviriong rfthe fa 

hereby men that far the three months interest period from 
11th March, .1987 to 11th June, 1987 the mvfatgrf 
Securities vriS olny an Interest Safe of 69fe% per annum. 
Interest dne on 11th June, 1967. trill amount to 
U.S. $17.41 per U.S. $1,000 undated Security. 


Morgan Guaranty Trust Compaq? of New York 

London 

Agent Bank 


BANQUEPARIBAS 




U.S. $400,000,000 

Undated Subordinated 
PToatmgRateSecnrities 


In accordance with the provisions cf the Securities, notice is 
hereto given that far the interest jperiod 11th March, 1987 to 
11th June, 1987 the Securities vriu cany an Interest Rate of' 
per annum. 


Interest payable value 11th June, 1987 per TJ541,000 
Security wffl amount to U.S31&93 and per U^SIOJOOO 
Security will amount to U-S.SZ69.31. 


Morgan Guaranty Xrast Company of New Yoft. 

London 

Agent Baidc 


USL 5250,000,000 



Collateralized Floating Rate 
Notes Due 1996 


of which U .S. SI 25,000,000 is being 
issued as the Initial Tranche 


Leading the way to the USA 


Interest Rate 


65625% pjL 


Merest Period 11th March 1987 

11th September 1987 

interest Amount per 

U 5. $100,000 Note due 

11th September 1987 U&&35117 




J T' I -lG? ' .-S 


Credit Saisre first Boston limited 

Agent Bank 



m 


KjS 























UK NEWS 








JrP- | 


Haandal Times Wednesday March U 1987 1 0 


* * 


Y®i.: 


* ».: .1* 


K' a 


Westland report calls for 
law on share disclosure 


BY PETER RIDDELL, POLITICAL EDITOR 
gManeggrtton ShoaM bc intro- tins ah 

^5SR l ^ disttom «»* 

identity of those controlling prfi, 

'E£SL S S3 okUn * s * H<^tf donS 

toS*! 

sa 

°* 5?,X? IIa,Mi i«dicopter nrentti 

IZlOiiu m Aartv 1AM ll . 


° — xcptw oua n argues fir 

much greater disclosure. 

” Tn nartimta- iha - ■•■ • 


the handl i n g of the wmio by Bm 


of Mr A lan Bristow, die helicopter 
entrepreneur, who made allega- 
tions about inducements offered to 
him connected with the use of sub- 
stantial shareholding in tfw compa- 
ny- 

Wto MPs say they “are disfo- 
““d to attach much credence to 
Mr Bristow's evidence except 
Where this is corroborated indepen- 
dently. Hie conduct of Mr Bristow 
”fore t he committee would be un- 
acceptable to any committee of this 
House.” 

The report highlights the alleged 
conceit party whereby a group of 
undisclosed shareholders acted to- 
gether secretly to influence the fu- 
ture of the company. 


of S per cent or more in the shares 

of tiie company has to be disclosed 
In the case of WestUmd. five sepa- 
rate nominee shareholdings to- 
talled nearly 21 per cent of the equi- 
ty of Westland at high prices and all 

Auctions 
in bonds 


the shares appeared to be voted m 
one direction. 

Following evidence from the Lon- 
don StOCk Eylywp Rnmnrft artrrrit. 
tjug that “it screams concert party." 
the c ommittee says it therefore en- 
tertains "substantial 
which however fall short erf proof, 
that a concert party operated to 
purchase Westland's shares tor lo- 
cations outside the UK Govern- 
ments jurisdiction.” 

“We c ons i der that the pubSc in- 
terest demands a high degree erf 
* iency to share dwtWngy in- 
a public iMH company 
s of course is especially so in 
the case of a company involved in 
defence contracts. 

The Westland case ^ demon- 
strated the inadequacy of the Stock 
Exchan ge rules to deal with fids 
matter effectively and accordingly 
we recommend that the Govern- 
ment should introduce early legisla- 
tion to require prompt disclosure of 
the identity of co nt ro lling the 
voting rights in the shares." 

The stock exchange had no com- 
ment to make yesterday apart to 
painting to its long-standing view, 
expressed during the Westland af- 
fair, that “if shares were held by a 
nominee which refused to reveal 
the beneficial ownership, t hen 
those shares <tanM be disenfran- 
chised from voting.* On Sudsy, Sir 
Nicholas Goodison the stock ex- 
change rimirmim, criticised *fa» 
Government for Ming to ««»mi 
the Companies A ct . 

The committee also noted the 
proxy battle what Sr John 


Cockney, the Westland chairman, 
described in bis evidence as the ton 
chib phe nomen o n , whereby people 
buy shares because they want to 
support one option or another with- 
out any legally binding agreement, 
breach of the law or coBustou. 

The MFs argue that if their dis- 
closure recommendation was ac- 
cepted, those acting perfectly prop- 
erty to such a way would be more 

i?»5ilyite M BT » ihfefrom *#«g 

in concert with other parties. 

The report notes conflicting state- 
ments of senior ministers on gov- 
ernment policy on Westland and ex- 
presses its “deepest concern at the 
lack of co-ordination on matters of 
major policy formulation between 
two departments of state, and the 
perceived effect on the govern- 
ments method of operation, and the 
onwimprrial decisions concerning a 
major British def en ce contractor.” 

Commenting last night Mr John 
Smith, Labour's trade and industry 
spokesman, said the committee had 
done a “public service in exposing 
the inadequacy of stock exchange 
rules to stop the manipulation of 
Shares in a takeover contest”. 

He said the report strongly sup- 
ported Labour’s rail last week for a 
re-examination of the rules apply- 
ing to nominee shareholders, wmi 
added that it could not be right that 
ownership of vital British compa- 
nies COUki fhirngg hfmAg on the ba- 
sis of secret deals based outside UK 
jurisdiction. 

Second report from the Trade and 
Industry Committee, Session 
1956-57, Westland pie. House of 
Commons Paper 176, £10.40. 


likely 

By Janet Bush 

THE Bank of England is more than 
HketytogO ahead With Ha proposed 
serieajdt experimental auctions of 
UK government bonds after consul- 
tations with 37 primary dealers 
turned up no insuperable problems. 

A final decision is likely to be an- 
nounced by the bank by eorfy April 
in time for the first auction to be 
held, perhaps in late April or catty 

Giit-edged market makers said 
the bank had given the impression' 
during informal meeting with rep- 
resentatives from Individual houses 
and at a full meeting with all 37 last 
Tuesday that it was strongly com- 
mitted to going ahead with the trial 
auctions. 

Bank officials reported the same 
willingness to try out auctions 
among market markers. There are 
now some quite t e ch ni ca l points to 
be considered again by the Bank in 
light of comments received by mar- 
ket makers. 

The major concern voiced by pri- 
mary dealers ha* been the Bank's 
desire for them to underwrite each 
auction- At the same time, however, 
institutions can lad in the au c tio n s 
direct to the bank. 


ers may face bidding with inade- 
quate knowledge of ret aOj nterest 
and therefore find it difficult to 
pitch their bid price accurately, 
risking substantial losses. 


Two charged after 
JMB investigation 


BYTBRRYPOVEY 

THE FIRST serious charges arising 
bam the police investigation of the 
affairs of Johnson Mattbey Bank- 
ers (JMB) have been made. 

Mr T Tirmiyl f ViW-tiVm « jMR hnn. 

rower who ran a confirming house 
financipg trade with Nigeria, was 
last weekend charged on nine 
counts covering false accounting 
and forging trade bills: 

In a separate case, Mr Amjad Im- 
am, who together with his toother 
rah the AHramar group of shipping 
jinA trading companies which 
owned JMB SSTxn at the time of its 
Collapse in October 1984, has been 
charged with conspiracy to corrupt 
an executive of the bank. 

JMB enHapmri with suspected 
bad debts of £250m and was rescu- 
ed by the Bank of England. In April 
last year, most of JMB was sold to 
Westpac. Australia's largest bank, 
for some £45m_ However, the bulk 
of the bad loans were left with the 
and operated under the name 
of Minorities Finance. 

Since the autumn cl 1385, the 
largest fraud investigation team 
ever put together to the UK has 
heen examining the behaviour of 
JMB's staff and its debtors. 

Ur Gakchha ran three companies 
under tire umbrella of UCGofechha 
- of which the most active was Berg 
Sons & Co, a confirming house 
based in the City of London at 
> LeadenhaBL 

One Golechha company went into 
; liquidation in the early 1980s and 
Berg Sous collapsed after JMB and 


other bankers refused to fund its 
continued operation in the wake of 
mfibong of pounds of defaults by 
traders dealing with Nigeria. 

According to the court-appointed 
liquidator, Bergs Sms had debts of 
06m and very few realisable assets 
when it was compulsorily wound up 
in the spring of 1985. (X this, some 
£3m was owed to JMB. 

Almost simultaneously with the 
winding up of Berg Sans, Mr Go- 
lechha began work in Berg Sons 
(UK), a newly formed company op- 
erating from the same City address 
with most of its shares owned by 
his farmer accountant 

Mr Imam' s charge relates to a 
pay m en t of same £5,000 alleged to 
have been made to Mr MlrhwH 
Bawd, a farmer assistant manager 
in JMB's hanking department Mr 
Flawn was dismissed from JMB in 
the summer of 1984 when the £5,000 
payment was discovered by his su- 
periors. 

Last September. Mr Flaws was 
charged on six separate counts of 
theft from JMB and at the time 
fraud squad officers tidd the court 
that further more serious charges 
were pending. 

Last month. Mr Imam was 
brought before magistrates in Lon- 
don, his passport was removed and 
he was ordered to report to a police 
station every day. j4r Golecbha’s 
passport, and that of Mr Rajendra 
Choraria who is jointly charged 
with him, have also been removed. 




% *j]k» H fflgitong and Sh angh ai Ba nk i n g OwyoratiMi 


Extraordinary 
General Meeting 


share for 


sharesof the Bank, 
fccembcr 1986 or for the 
ijne: and 


rights issue 


<d) grassss 

register Of shareholders 

. i r 




«nbeclos^fr om ^I Marefc until 22 April 1987 (bolh daws 
Hiinne that period . 


Third 
Market 
slides to 
new low 

By PMBp Coggan 

THE THIRD MARKET index slid 
to its lowest level yet last week, at a 
time when the FT-SE 100 index was 
breaking the 2,000 barrier. Credit 
Suisse Buckmaster & Moore, the 
broker which compiles the index, 
reported that it had dropped to 90JJ, 
compared with the base level of 100 i 
when the market opened on Jaaua- 1 
ty26. 

The new tier was designed as a 
forum for those companies which | 
did not meet the criteria of either 
the full list or the Unlisted Seam- 
ties Market 

However, because of the small 
size of the companies which have 
joined the market, turnover in the 
stocks has so far been slow, with 
the balk of trading being conducted 
in Eglinton Oil and Gas, an Irish ex- 
ploration company, that bad previ- 
ously been traded under Rule 535 
(31 

Egjioton, which constitutes 
around half of the index, dropped 
9.7 per cent last week, helping to 
push the index down by 4 L5 per 
cent 

Overall, turnover on the market 
was slightly higher than in the pre- 
vious week at £1.5m but well down 
on the levels achieved in the 
opening week. The USM showed a 
fpmiiwr lull in trading after it 
opened in 1980. 

Yesterday, Edenspring invest- 
ments became the tenth company 
to join the Third Market via an in- 
troduction. i 

The group took its present form 
in November when Braham Hill, a 
company specialising in media "Virf 
presentation training, reversed into | 
Edenspring, 


Unions widen Caterpillar protest 


BY JIMMY BURNS IN LONDON AND WILLIAM DAWKBIS IN BRUSSELS 


SCOTTISH TRADE unions are sec- 
uring international support for the 
workers’ occupation of toe Caterpil- 
lar plant at Uddington near Glas- 
gow, in central Scotland. 

The Scottish Trades Union Con- 
gress confirmed yesterday that it 
had received assurances from 
French Belgian wwtn 
that they would block any attempt 
by tire US construction equipment 
maker to divert work normally 
don e at the plant. 

The occupation at Uddingston 
has been in force since the begin- 
ning of this year when tire company 
announced that the plant was to 
dose. 

The in ternationa l camp aign is be- 
ing coordinated by an ad hoc multir 


national union committee 

formed by shop stewards of Cater- 
pflJar's at Uddington and Lei- 

cester in Britain. Grenoble to 
France, and Charteroi in B elg i um. 

The self-proclaimed "European 
group” met to Charleroi yesterday 
to map out the details of their joint 
response to the company’s restruc- 
turing plans which include the clo- 
sure tire Scottish plant with its L2O0 
workforce. 

Mr Ken Collins, a Labour Party 
member of toe European Parlia- 
ment, who set up an initial meeting 
between union l ea d er s three weeks 
ago said yesterday: “This is the first 
time as far as I know that any mul- 
tinational company hay been faced 
with a f*l uninn force. It 


realty is a meeting of historic im- 
portance." 

Caterpillar described yesterday’s 
meeting as an “unfortunate diver- 
sion” from what it said was the 
main issue of the lifting of the 
workers’ occupation and the search 
for an agreed formula for the clo- 
sure. 

The company indicated that if the 
occupation continued indefinitely it 
would consider sacking the work- 
force at Uddington without sever- 
ance pay. 

About 900 workers at the Udding- 
ton plant voted overwhelmingly at 
tire end of last month to continue 
their occupation which began in 
January in response to Caterpillar’s 

Closure »wBiniiMym»n f 


The company which has a total 
workforce of 53,000 -of which 5,000 
are in Europe - said it was dosing 
Uddington two US plants 

However, the morale of the occu- 
pying force has been increased by 
tire growing political support it has 
received over the last two months. 

The UK Government has made it 
clear both in public statements and 
in personal letters to senior Cater- 

inllar executives by Mrs Margaret 
Thatcher, toe British Prime M i n is- 
ter, that it could not accept the com- 
pany’s explanation less than four 
months after a much publicised 
Slbn 10-year investment pro- 
gramme to update production at its 
30 sites worldwide. 


Lonrho re-opens House of Fraser feud 


BY CLAY HARRIS 

LONRHO, the international trading 
conglomerate, went back on the of- 
fensive yesterday over House of 
Fraser, seeking “substantial dam- 
ages ” in a court action arising from 
toe battle for the British stores 
group which ended, officially, near- 
ly two years ago. 

The group, headed by Mr Tiny 
Rowland, issued a writ in the High 
Court in London against House erf 

lAUtnrre* the* 


owners, 

al- Fayed and Mr All al-Fay- 
ed; Kleinwort Benson, the mer- 
chant Imukj and Mr John MflcAr* 
tour, a former Kleinwort director. 

The writ alleges “fraudulent con- 
spiracy” and “fraudulent negli- 
gent mis-statements of fact” to the 
UK Office of Fair Trading (OFT), 
the British Trade Secretary aixl the 
former board of House of Fraser, 
the public company taken over by 
the al-Fayeds in March 1985. The 


writ claims that the alleged actions 
damaged Lonrho. 

Lonrho said yesterday it would 
seek “substantial damages.” 

The allegations concern the di- 
max in March 1985 of a tong-run- 
ning battle over the future of House 
of Fraser. Lonrho had been blocked 
by the UK Monopolies Commission 
in 1981 from bidding for the group 
and had given a commitment not to 


Lonrho was finally cleared on 
March 7 1985 to bid for House of 
Fraser after another reference to 
the Monopolies Commission in May 
1984. The clearance, however, game 
three days after the Fraser board 
bad recommended a £815m 
(S971.7m) bid from the al-Fayeds, 
who had bought Lonrho’s stake in 
November 1984. 

The al-Fayeds wan control on 

Mnrrh H miH Ihk W8S fewfifiyml 

three days later when Mr Norman 


Tebhit, then the British Trade Sec- 
retary, allowed tire bid to proceed 
without a reference to the Monopo- 
lies Commission. 

The writ claims that certain facte 
about the background and fmawniM 
resources of the al-Fayeds were 
mis-stated and misrepresented by 
Kleinwort and Mr MacArthur “with 
the intention of fofomwfog tire Sec- 
retary of State and the Department 


OFT so that the Secretary of State 
would not refer to the MMC any 
merger situation involving Hold- 
ings (the al-Fayeds’ company) and 
House of Fraser.” 

The writ states that Lonrho in- 
tended to acquire control of House 
of Fraser “at all material times 
from February 1981 onwards.” 

In a statement last night the al- 
Fayed brothers noted that Lonrho 
had sold them effective control of 


House of Fraser and said: “We are 
already heavily engaged in our 
three legal potions against tire Lon- 
rho subsidiary, the Observer Ltd - 
ac t i o n s characterised tty the failure 
of Mr Rowland to produce any sign- 
ificant evidence to support allega- 
tions gimflar to those now mooted 
in tire Lonrho action. 

“Mr Rowland, too, despite all his 
bluster, failed to produce any of his 


or tire Office of Fair Trading, who 
formally found his allegations to be 
without foundation. Nothing has 
changed.” 

Kleinwort dwrfiimri to comment 
on the writ, which it said had not 
yet been served. Mr MacArthur, 

DOW i*aiwB»n of mer chant banking 

for Prudential-Bache Securities, 
was unavailable for comment 
House of Fraser Holdings also 
pi^jp do statement 







Meeting financial demands, 


i 



C . .. J. C L *&'• ■ ' -V> J ........ -• 


By Order of the Board 

RG Barber 

Sectary 


Hong Kong, 10 March 198? 


When your corporate objectives need 
a solid financial foundation, come to 
WestLB. We can build a really con- 
structive package to meet your indivi- 
dual needs. Credit, bonds or a com- 
bination of both, at fixed or floating 


rates, in DM or other Euro-currencies, 
swap facilities - all are an everyday 
part of our framework. 

So why not test the strength and 
flexibility of WestLB, one of 
Germany's largest financial institutions. 


WestLB 


The Westdeutsche Landesbank. 

Head Office: Dusseldorf. 

Branches: Hong Kong, London, New York, Tokyo. 
Representative Offices: Beijing, Melbourne, 
Moscow, Osaka, Rio de Janeiro. Tokyo. Toronto. 
Subsidiaries: Luxembourg. BFA Paris, BKA Zurich. 


- ~ 


o*-i 








Financial Times 


'Wednesday March 


11 15HJT 




eers 


Ptovisional 

Annual Financial Statements 
and Declaration of Dividend 

The following are -audited bridged JS^^JSTSSiSS^ ** ** "" “ DeCembCr 


31st December 1M. 


CONSOLIDATED INCOME STATEMENT 

Year ended 
31 December 
1986 1936 

r millions 


Diamond account 

Investment income 

Other Interest — 

Net surplus on realisation ot 

fixed assets ■; 

Net surplus on realisation of 
investments 


Deduct: 

Prospecting and research 

General charges 

Interest payable ■ •- 

Amount written off fixed assets 
and loans 


CONSOLIDATED BALANCE SHEET 

Year ended 
31 December 
1986 1985 

R milli ons 


Deferred share capital .... 
Non-distri butable reserves 
Distributable reserves 


Profit before tax 


Deduct: 
Tax 


wining leases consideration 


Profit after tax 


Deduct: 

Profit Attributable to outside 
shareholders in subsidiaries ... 
Dividends on preference shares . 


Attributable earnings 

Share of retained profits after 
tax of associated companies ... 


Deferred shareholders' funds ... 
Preference share capital 
Outside shareholders' interests m 
subsidiary companies ............ 

Long- and medium-term liabilities 


Fixed assets: 

Cifliwia, mining Interests and 
property 

Plant, permanent works and 
buildings 

Unlisted trade investments ...... 

(Directors' valuation R2 134 mu'* 
lion— 1985: HI 215 milMou) 

Stores and materials 

Diamond stocks 

Listed investments 

(Market value BS 491 million — 
1985: R5 291 million) 

Unlisted investments ............... 

(Director's valuation R5Q8 mil- 
lion— 1985: R446 million 
Loans 


Current assets: 


18 

18 

2359 

2062 

5 885 

6006 

8262 

8106 

Z 

7 

113 

250 

527 

980 

8909 

9343 


Equity accounted earnings 


Deduct: „ , „ 

Share of extraordinary losses of 
associated companies 


Deduct: 

Transfers to reserves including 
share of retained profits of 

associated companies 

Deferred dividends — 80 cents 
per share (1985: 55 cents) 


Increase in unappropriated profit 496 438 

Earnings per deferred share 
before extraordinary items — 
cents: 

—Excluding share of retained 
profits of associates 212 180 

—Including share of retained 
profits of associates 

Notes and comments: 

1. Diamond sales _ _ 

CSO Sales In 1986 expressed in the currency of sale 
rose by US$734 million or 40 per cent to US$2 557 
million. When expressed in Rand at the rates ruling 
st the time of each sight, averaging 30.4326 for tine 
year (1985: $0.4525), sales were R5 910 million 
compared with R4 027 million the previous year. 
There were two price increases during the year, 


Cash 

Other current assets 


Current liabilities: 

Tax 

Dividends 

Creditors 

Bank borrowings . 




Net current assets 


R453 million to R527 million and net current a^s 
increased by RlflO million to R646 million so 'that 
t u_ annarent overall improvement in landing 
^mnSTto R702 million. Had the conversion rate 
SdtoliSe WPlied to both yeare i such -P™* 
meat would have amounted to BM® milhon. 
Attributable earnings excluding the share °f retained 
profits of associates converted at .the ;yen end .rate 
1985: $0.3883) amounted to $349 milbon 
million) and to $527 million (!*»■ 


Declaration of Dividend No. 

On 10th March 1987 dividend No. 134 of 60 cents 
per share (1985: 40 cents) being the final dividend for 
the year ended 3 let December 1986, was declared payable 
to the holders of deferred shares registered in the books 
of the company at the close of business on 27th March 
1987, and to persons presenting coupon No. 78 detached 
from deferred share warrants to bearer. This dividend, 
together with the interim dividend of 20 cents per share 
declared on 19th August 1986, makes a total of 80 
cents per share for the year (1985: 55 cents). A notice 
regarding payment of dividends on coupon No. 78 
detached from share warrants to bearer, will be pub- 
lished In the press by the London Secretaries of the 
Company on or about 20th March 1987. 

The deferred share transfer registers and registers 
of members will be closed from 28th March 1987 to 
10th April 1987, both days inclusive, and warrants will 
be posted from the Johannesburg and United Kingdom 
transfer offices on or about 5th Hay 1987. Registered 


134 on the deferred shares 

shareholders paid by the United Kingdom regstws "JJ 
receive their dividend In United Kingdom «y£rency c»n- 
.-.-j _* .b. rate of exchange applicable on 30th M arch 
VffM ?»SSiJte^SSAny iuch sl«reholde«may. 
however elect to be paid in South African currency. 

provided that the request Is receiT ^_ a ?,S.lj I ?b5^en 1 ^ 
transfer offices in Johannesburg or the United Kingdom 

™ “aSfSSSi’Sfd? ^i«ident shareholders' tax 

“ 6 TtelhridSd is parable subject to epndithmsjvhich 

ss aara.'jgJftt 

in Johannesburg and the ol the board 

J.OGIL VIE THOMPSON , 

N. F. OPPENHEIHER ) 


10th March 1987 


Head Office: 36 Scockdale Street, Kimberley, South Africa. 

London Secretaries: Anglo American Corporation of South Africa Limited, 

40 Holbom Viaduct, London EC1P1AJ. , 

Transfer Secretaries: Consolidated Share Registrars Limited, 40 Commissioner S treet, Johannesburg, 

(P.O. Box 61051, Marshalltown, 2107) 

Hill Samuel Registrars Limited, 6 Greencoar Place, London SW1P lrL. 

De Beers Consolidated Mines Limited 

Incorporated in the Republic of South Africa 
Company Registration No. 11/00007/06 


l !K NEWS . 

syidence’ that MPs 
misled over TSB 


BY DAVID LASCELUS, BANKING EDITOR 

THERE is no evidence that pariia* fteownCTslrfpisOTevmspmroedto 


THERE is no evidence that parKa- 
meat was misled by the Govern- 
ment about the ownership of the 
TSB (Trustee Savings Books) or 
about the bank's right to retain the 
sizable sum of money raised by Us 
public flotation last year. 

This is the conclusion of a report 
published yesterday by the Nation- 
al Audit Office, the independent 
agency which reports to parliament 
on the conduct of government 

The report, prepared by Sir Gor- 
don Downey, the Comptroller and 
Auditor General, should help end. 
the controversy over fee Gove rn- 
ment's decision to treat the TSB as 
if it had no owners because of its 
nniq iiB status. It will be considered 
by the all-parly Public Accounts 
Commit tee on April 1. 

Many people bath in parliament 
and outside had argued that the 
TSB belonged either to its deposi- 
tors or to the state and that these 
supposed owners should have re- 
ceived the sale proceeds. The sale 
was delayed for eight months while 


the House of Lords, where it was 
rated that the depositors bad no 
rights to the TSffs assets. However, 

tte Lords said that the TSB and the 
assets "belong to the state." 

Sir Gordon says that the NAffs 
examinations disclosed no evidence 
for believing that parliament was 
misted when it was asked to ap- 
prove the 1985 TSB Act The view 
ex pre sse d by the Government in 
the p re c eding Whi te Pa per (policy 
that the TSB did not be- 
long to it was in accordance with 
the legal advice obtained. A (fistroe- 
tion could be rr,R ^ p between "the 
Government" and “the state." 

Thq NAO Akn found no evxtence 
that parliament was misfed by the 
Government when it proposed that 
the TSB should be allowed to retain 
its existing reserves and any fresh 
capital subscribed by new 

However, Sir Gordon raises the 
possibility parliament mig ht 

hnim fofegn a d i f fe rent view if it had 


bean better informed as to wbetta 
ti m TSB really n e ede d all this cap*- 

essssssa 


snms at stake wouw 

fy-be says. At the ftotto*a£*f 
TSB hadreservesof sonwj*™®* 
and it raised a tatter £LSm from 
the onto, mpiring it one ol the mo®* ■ 
tatoinfte 

|vyr 

U Gordon says it is 

conjecture whether parifemtart 
SS taken a 
OTtfce 1985 tegteUJkm if * ; had 
known about the House efta* 
judgment But he concludes that 


Vauxhall 

predicts 

operating 

profit 

By Kenneth G«xflnfi 

hv VanxbaH, General Motagrf UK 
car subsidiary, is mabng better 
maneas than expected and the 
JSnmany wffl make a profit at tee 
operating level tins year. Mr John 

Bagshaw, chairman, said yester- 
‘^Wbether Varahtol declared a net 


tfaeD-Mark against tee po»d be- 
cause fiie company imparts a great 
many cars and componente from 

I -■ an a. *^-4 


n the pound remained at about 
DM &90, Vmnhall would make a 
Mai Ttmfit Mr Rasshaw said. He re- 


aoifi enu™ « M . . . , ^ _j net prone, snr nagsnuw aow. 

on the TSB both at the outset and 

me vnflttRrS dfiVdOPGCl. iL. n Uovt riNlIHlUtfll Pd hv QQfl 


The Treasury said it hadno com- 
merit on the report yesterday hut 
Wd await the PAC hearing. The 


Tnatee Saving 

Ownership- Commons Paper zsi. 
BMSO £2.50 


ptawai mo I - 

the D-Mark strengthened by one 
pfenning, it cost Vauxhall Elm in 
lost earnings. 

. VanxhalTs 1986 result, to be an- 
nounced ahorfiy, would bo at least 
as bad as fiie £47 An net loss me 
previous year, mainly because of 


Harwell in computer venture 


BY DAVID RSHLOCK, SCENCE EDITOR 

HARWELL, the Atomic Energy Re- Hart 
search Establishment near Oxford, of rest 
has given birth to its first non-nu- tones i 
t rading company, selling com- streng 
puter software worldwide. that 8 

Harwell Computer Power is a In- innovu 
partite enterprise also involving most : 
Computer Ftower Ply of Australia, would 
and Rothschild Ventures. Its launch ^ c 

is bac ke d by more than Elm. deals 

It aims to sell software developed sector 
by Harwell's computer science and ^ 
systems division over the past 15 muc b 
years. Its main product is States, — 
which is claimed to be the world's s _ reai 
leading information retrieval son- 
ware, already running on m ore 
than 500 installations worldwide. ^ . 

Harwell’s parent _body, theUK 
Atomic Energy Authority (UKA- 

EAl, won freedom to spawn non-nn- 
clear companies when the Govern- 
ment placed its finances on a quasi- 
oonuaerrial “trading fund” basis a spend 

year aga This gave it rights to ex- get, a 

ploit commercially its own intaDafr 
teal property, and any to wtochit 
imn tefa 1 rights through cdDabora- ictm 


research by government jabwa- 
tories in Britton. It demostrated the 
strength of tee Whitehall theory 

that although government-funded 
innovation was freely availa ble, al- 
most no one in Rritisb industry 
would show any interest. 

If, on the other hand, exriusive 
deals woe made with the private 
sector, technology transfer and 
commercial exploitation would go 
much faster. 

Harwell also disproved a wide- 
spread belief that scientists do not 
care what happens to thei r re- 
search. It demonstrated that, with 
the right kind of support, scien tists 
make grad salesmen for their own 
intellectual property. 

Harwell is the biggest cl seven 
research centres of the tJKAEA, 
spending over a quarter ol the bud- 
get, about El25m, this year. Many 
of the basic principles of the trading 
fund were first demonstrated and 
refined at Harwell, an a research 

programme earning over one-quar- 


ter of the budget as ncBMinctear 
contracts. . 

Harwell’s reactors, for eremple , 
earn £32m a year "marketing neu- 
trons." One big client is fiie West 
German company Wacker, a suppli- 
er of silicon ingots to the semicon- 
ductor industry. 

Harwell backs its contract re- 
search with a substantial pro- 
gramme of “underlying” research at 
academic level, costing £30 An, fids 
year, paid for by tee Energy De- 
partment Dr Graeme Low, Har- 
well's director, says fiat fro m ia- 
dustry’s standpoint, its paramount 
strength is the way it combines its 
bedrock of science with engineering 
experience. 

Such studies, founded on tech- 

Hnnuoll TMRB to nes into no- 


Mr Bagshaw said Vauxhall had 
identified ways it could ait cods 
throughout tee organisation, fay 
more than 29 per cent and touted 
achieve, wett over the s 25 per «mt 
cost-cutting target it had. set itself 


for two of Its "research dubs.’ In- 
come from the dabs (mate than 20 
have been formed) has been grow- 
ing at 20 per cent a year, says Dr 
Ron Sondim, industrial research di- 
rector and wffl exceed £4m fins 
year. 


of 1986. 

Some of the changes wou ld, m- 
vobe negotiations over new work- 
ing practices. 

Vauxhall would get fiie 1^00 vo- 
luntary redundancies and early re- 
tirement it had asked for by next 
mouth. Undoubtedly, more jobs 
would go in some parte of Vaux- 
haffs business, but other sectors 
would need more people. 

Mr Bagshaw said Va uxhall had 
reduced car stocks to appropriate 
Ipyoia, ppndwftton planni ng was “in 
good shape," and both oar asse mb ly 
plants were working at dose to rat- 
ed capacity. Ellesmere Fort on 
Moseyddewas producing 33 lean 
an hour, against a capacity of 35, 
while I-idnn, Bedfordshire, was op- 
erating at 28 cars, compared with 
capacity of 32. • . 

. Gifs programme to source more 
co m ponoite from the-UK wa s also 
going well, he defined.. "we were 
caught with too much sourcing in 
currencies other tiian fiie pound, 
he admitted. 


m 


Clydesdale BankPLC 




BASE RATE 
CHANGE 

Clydesdale 
Bank PLC 
announces 

that with effect from 
11th March 1987, 
its Base Rate for 
lending is being reduced 
from 11% to 10t% 
per annum 


Change 

With effect from 
Tuesday/ 10th March/ 1987 
Co-operative Bank 
Base Rate changes 
from 11*00% to 10- 50% p-a. 

Deposit rates will become: 

GROSS. NET 
interest INTEREST 

7 days notice 6 - 03% 4-50% 

1 months notice 6-38% 4*75% 

Inberest paid half-yearly 

Cooperative Bank pic, PO. Box 10L 
1 Balloon Street Manchester M60 4EE 


With effect from the close of business on 
11th March, 1987, Hill Samuel’s Base Rate 
for lending will be decreased 
from 11% to 10.5% per a nnu m 

DEMAND DEPOSIT ACCOUNTS 

Depositors not liable to deduction 
for basic rate tax 
6.02% per annum gross 
Depositors liable to deduction 
for basic rate tax 
4.5% per annum net 
6.34% per annum gross equivalent 

Interest to be paid quarterly and 
rates are subject to variation 


p°iTHF CO-OPERATIVE BANK 


YORKSHIRE 
BANK 
Base Rate 

\orkshire Bank announces that 
with effect from dose of business on 
TUESDAY 10th March, 1987 
Base Rate is decreased from 

11% to 101 % 

All (including regulated consumer credit 

a g r e e me nts) with a rate of interest linked to 
Yorkshire Bank Base Rate will be 
varied accordingly. 


Hill Samuel & Ca Limited 

100 Wood Street, London EC2P 2AL 
Telephone: 01-628 8011. 


Aijtfterssd 

Cvaio* 


^pl^brksiureBank 


— 1 Head Office 

20 Morion Leeds LS2 8NZ 


IBMXT-S/FDcoxnplete , £1395! 

640K monochrome system with 20Mb IBM hard 
disk, IBM monitor, IBM enhanced keyboard 
and IBM display/printer adaptor. Colour up- 
grade with IBM monitor and adaptor £250, EGA 
upgrade £495. IBM XT-286, complete mono- 
chrome system as above £1995. AD systems in 
stock for immediate delivery. Compaq Portabje lH - Jn minoit! 

UADCC mUPirmrc 78 High hfeforaCTondon WC1V 6LS. 
MORSfc MflHrU»OQT. lT . — m«.t 0644. Telex 2B254& 


upiji (>' 








... , 1 ^ * "y? r^ w 7-„' ’■*< £1 '. [. tS~. : ‘ ■ 


*k '-\ X.-s-i -■■ 





5*&JS 




aanSiN 


J!MC 


a S« 


is** 

“***i>k. . 

N5S* 

j *?; 
i. mere * 

*?aC 

J^fesa 

r _e. 

1 ’ ,? aaaaj ^ 
* ^^raj 

-^WES*! 

-carissesfe 

=» fc- 6 
3® 

:y^, *% 
~ i*re »a*. 


*sn»aBi 

K ‘itES 


Fin a n c i al Times Wednesday March 11 1987 

UK NEWS 

EAST EUROPEAN COUNTRIES ACCUSED OF DUMPING 


Call to curb cheap refrigerators 


BY CHRISTOPHER' PARKED, CONSUMER INDUSTRIES EDITOR 


BRITISH appUcance companies 
have yfllwwl the European Cozmnis- 
skm. to tighten contras <m imports 
of cheap refrigerators from the So- 
viet Union, Romania, Yugoslavia 
and other East European countries. 

A dumping »gr pAriyti^ ' »ipiwi in 
1981 and coming up for review in 
June, should be renegotiated on 
tougher teems, Mr Jfan CoHis, direc- 
tor generalof the Association of 
Manufacturers of Domestic AppE- 
mw (Amdea), s aid yesterday. 

The wholeof the European Com- 

rmrmf y unm f i lteri ng from "fraflar 

products being dumped at below 
the cost of prodnetfam; 

East European single-door refrig- 
erators were bring landed in the 
UK last year for £90, The average 
price of comparable products from 


. i 'S 


EEC manuCactarers was £85, Mr 
CoHis said. 

A 49 cu. ft Romanian refrigera- 
tor costS8L70 (£51) retafl compared 
with £101 for the cheapest British- 
made wmiM 

East European imports into the 
UK hod increased from H0Q0 units 
in 1981 to 107,000 in 1985, although 
they had fallen sEghSy last year. 

Impor t* from all sources contin- 
ued to account tor a large propor- 
tion of all electrical appliances sold 
in the UK last year, according to 
Amdea statistics published yester- 
day. Deliveries of automatic wash- 
ing machines to toe trade rose 8 per 
cent to Uhn units. Imports, mostly 
from Italy, took 47 per cent of the 
market 

The fast-growing dishwasher 


market, which absorbed 331,000 
numhiniMi last year, was filled al- 
most entirely by imports. 

British manufacturers fared bet- 
ter in the market tor f r ees tanding 
electric cookers, which grew IS per 
cent in 1888. They accounted for 87 
per cent of the 588,000 deliveries re- 
corded. 

However, Italian, West German 
and French suppliers maintained a 
strong hold on toe more buoyant 
built-in cooker business. They pro- 
vided 83 per cent of the 285,000 
built-in hobs delivered in Britain 
last year - up 44 per cent Built-in 
oven sales rose 21 per cent to 
4244)00, with. 85 per cent imparted. 

Best growth tor British compa- 
nies was recorded in the space heat- 
ing market Storage heater sales 


rose 40 per cent to more than lm, 
fan heaters were up 17 per cent, 
and deliveries of other heating ap- 
pliances increased 54 per cent. 

• European appliance makers, 
pursuing an anti-dumping claim 
against Japanese and South Ko- 
rean microwave oven makers, may 
ask the commission to Impose pro- 
visional duties on imports in June, 
Mr Collis said 

Brussels investigators are tour- 
ing British xmcrowuve factories and 
will shortly move on to Japan and 
Korea. Mr Collis said he thought 
the case might not be completed un- 
til the end of the year. 

Almost 90 per cent of the L97m 
microwave ovens delivered to the 
trade in Britain last year were in *- 1 
ported. 


Developers ‘will not Hawker will merge 
devour farm land 9 battery subsidiaries 


BY JOAN GRAY, CONSTRUCTION CORRESPONDENT 


the QQV ERN MKNT ho w empha- 
sised that its plans for Britain's sur- 
plus agricultural land will not give 
developers a licence to build new- 
housing estates or stopping centres 
on redundant green Grids. 

Announcing details of permitted 
new usee for agricultural land and 
policies for frpipmg the rural econo- 
my to diverrify, Mr Michael Jop- 
Hng, Agriculture Minister, de- 
scribed some reposts that the coun- 
tryside would be covered in con- 
crete and trees as nonjsense. 

In a joint announcement with Mr 
Nicholas Ridley, Environment Sec- 
retary, Mr Jopling emphasised: **We 
do not intend to allow developers to 
devour our green and pleasant land. 
Nor do we intend to blanket the 
countryside in or to tram- 

ple over our natural resources or to 
impoverish farmers." 

“What we do intend to do is to 
achieve a reasonable balance be- 
tween forming interests, the wider 
econnmie and social needs of rural 
areas, the conservation of the coun- 
tryside, and toe promotion of its en- 
joyment by the public." 

White expecting farming to re- 
main toe major a^vity in the coun- 
tryside, the new policies would con- 
c on tr w te on catting -food prod ne ti rm 


to bring it into better balance with 

fbmanrf faff SafaL 

Forestry would be expanded par- 
ticularly to encourage toe growth ri 
term woodlands and by planting de* 

tidnuus trees on better quality agri- 
cultural i»wi, jwH wiping termers 
to div ers ify into other activities. 

An extra £3m was bring added to 
the Development Cbmmisskm’s 
budget of £27m to pro vide g rants to 
encourage farmers to diversity into 
everything from speciality cheese 
irmiring to manufacturing cr a ft 
souvenirs or electronic equipment, 
he mM. But what farmers would 
not be encouraged to do was to sail 
their spare acres tor development 

After the Governments determi- 
nation not to allow building cm sta- 
tutarOy-protacted land (Green Belt), 
Mr Ridley emphasised that surplus 
a gri cultural tend would also be pro- 
tected from development 

“The plfrnnrag sys t em wBl facili- 
tate small-scale development where 
that is needed, but tt will not result 

In a greater uptake of open land 
than hitherto.” 

Rather than use surplus farm 
Taw! for WniMrng, the Government 
wanted to oantbme encouraging as 
much development as possible in 
the inner cities and on derefict in- 
dustrial land. 


BY CLAY HARRIS 

HAWKER SIDDELEY, the electri- 
cal and mechanical engineering 
group is to combine its Oldham and 
Crompton battery subsidiaries in 
an effort to increase production effi- 
ciency and market share. 

Oldham Crompton will. have a 
combined turnover of EWm and 
rank second to Chloride in the UK 
non-consumer market. 

The merger is intended to reduce 
duplication between Oldham's fac- 
tory at Denton, Manchester, where 

toe new company will be based, and 

Crompton's plant at Newport, 
Gwent, in South Wales. Research 
effo rt* w31 also be pooled. Both 
brands will be retained. 

"Some degree of rationalisation 
will inevitably be necessary to 
achieve the full benefits of the reor- 
ganisation,” Mr John Richardson, 
Oldham Crompton chair man , said 


yesterday. "However, we cannot see 
any need for job reductions as a re- 
sult of combining the two compa- 
nies." 

The company employs more than 

500 people in Manchester and 210 in 
Newport 

Tim merger does not affect Haw- 
ker*s other non-consumer battery 
companies, which include Tung- 
stone and Oldham France, each al- 
so with annual sales of about £40m, 
or Crompton Vidor, which jostles 
with Varta for third place in toe UK 
consumer market. 

• Hawker has secured Its agreed 
$31m (£20m) takeover of darostat 
Manufacturing, a US maker of volt- 
age controllers. Acceptances of a 
i-nch tender offer have raised Haw- 
ker's stake to 94 per cent, more 

than toe level required for a merger 

under New York law. 


Grindlays Bank p.l.c. 
Inte rest Rates 

Grindlays Bank p.l.c. 

announces 
that its base rate for 
te nding will change 
from 11% to 10V4% 
with effect from 
10th March 1987 


wk Grindlays 
<T Bank p.l.c. 

A nan** * e* AW awp B* Cm**— 

Head Office: Grindlays Bank pie, 

Minerva House, Montague Close, London SE1 9DH. 



NOTICE OF OPTIONAL REDEMPTION 


9^C 

Sabah Development Bank Berhad 

IIS $40 million 
Floating Rate Notes due 1989 

Notice is hereby given PvjJ^rSaUid&ya eueideed dated 
i nohanture Corporation -Ain March. 1 987 but no later 


Business centre planned 
for Belfast riverside 

BY OUR BELFAST CORRESPONDENT 

A PLAN ter a £240m wate rfront de- site of toe framer Belfast Coundl 
VBlnp mept along the River Lagan in gasworks, a harbour village m the 
BeKast was put forward in a report docks, comprising a manna , man- 
to toe Government yesterday. time museum and waterfront hous- 

The Northern Ireland Depart- ing, and toe creation of an island as 
rp nnt- of the Environment cammis- a leisure and recreation al centre. 
stoned the study rfl% utiles of both In addition, eastog w aterfront 
banks of toe river running through areM wouWbe devriq^conraia- 
the city as part of its drive to revita- dally or as landscaped embante 

Use Belfast after years of dvil un* meats, 

rest and industrial decline. The coniadtapts arid toaf the pro- 

The report envisages the develop- posate wou!d create s^dfeant^- 

ment of toe riverside through to portuniteforpnvatiweetar invest- 

1997. It would cost {240m of which rnent” . 

£ 30 m would be for land r edamatio n Mr Richard Needham. Enylron- 

and infrastructure, and could create meni Master 
2 ^ to 3 JHW jobs. The development land Office, said toe image of Bri- 
is forecast to raise an addit i on al fast to those who ha d never visited 
£& 75 mto£L 5 m of property tax in- ^tite*** often "far removed 

°°^e was compiled by Sh^>- 

heard, Epstein and Hunter of Lon- potential whichensts toto^to 
don and Building Design Partner- the 

ahip of Belfast They said the pro- part of the city and, by ton means. 
posals could make toe Lagan one of to help transform pereeptums of 
Stemost attractive rivers in Eu- Belfast at an mternatwiial Jewel 
Memos «««. The proposals are visionary. They 

Tile r 1 ""* inchxde the develop- are ambitions in scope, but are also 
ment of a “business village" on the pragmatic." 

Scots ‘face disaffection’ 

BY JAMES BUKFON, SCOTTISH CORRESPONDENT 

DISAFFECTION with toe north- ing on regional devdopment grants 
south divide in Britain could threat- to the levels prevailing m 1MWE- 
en the staMHty of parliamentary de- There should be a new approadi to 
mocracr and endanger internal se- regional aid, giving it a more 
curity. This warning was given yes- mumc title such as “enteipn* de- 
tErdJw by Mr Donald McCalhim, vetoianeiit p olicy. 

Aairman of toe Scottish Coundl Tlwc^mgovwnmeiitinceiitnn® 
(Development and Industry), a body to Scottish industry, especially 
which represents companies, trade since l W4, had been ameltyharsh 
unions, local authorities and other and had “seaMUstydamaged toe 
Scotland. prospects far investment and a 

rrSTcouneil appealed far the Gov- Payment throughout toe country, 
eniment to rertSetevels of spend- "toe council said yesterday. 


n 


lad warn mob hm It UMluwlwiOi panda. 

oiKUiBBOTtollrt tUw n* ^ 

^ vWtoeiM. And otonwly 

upm rtlmang luiid tw el* 

*ti mi iiniilnil hi ft-r-*T** t ‘T*"*** r “ 

«bl oh oliow you whan UTb time to 

Aml onoo yotTvo Munplod onr ttp -c^ 
Mrrtoe. ytwm bom *m Why *h« cm* 

wm B— B. 

Tot all tlw detalla,nm<I tba ooupoa to 
Carolina Podd. Dep T t man t VT, Bcrrtiy fc 
latestrlal Dtetokun, Kimberly-ClArk Ltd, 
yg-M-tom 1 Want MMfl TTft 
Aaw tfUraUi» |n M— aly tttegtoJp. 


I mat to main nnownaaol mf wmau 
DetaDioIttoKkMsncirUaA^tuo- 


No. Employee* — 

o Kimberly-Clark 


iwiri BJUa YOUY i| 


Heywood Williams Group PLC 

An extremely active year in terms of acquisitions 
and reorganisation, both in the United Kingdom and 
the United States of America 59 


Pursuing the Group strategy of concentrating 
efforts in the fields of glass and aluminium, five 
acquisitions were completed during the financial 
year — two in the US and three in the UK. 

Since the year end a further US acquisition 
has been completed and an agreed £2 1 million offer 
announced for Therm ax Holdings pic. 

In the United States the Group's recreational 
vehicle interests have been extensively expanded 
and reorganised. 

Prospects for the current financial year are 
favourable. In the US market conditions are forecast 
to be good and an all-round improvement is 
anticipated. In the UK market conditions remain 
strong, the Group’s financial position is sound and 
the outlook is most encouraging. 


Ralph Hinchliffe, Chairman 


“When these factors are considered in the 
light of the Group’s achievements over the last 
six years, 1 look to the future with confidence 
and expect 1987 to be another good year”, 
Mr. Hinchliffe tells shareholders in his annual report. 

Profits up by 41% 

Group pre-tax profits were at a record level for 
the fourth consecutive year. Turnover was ahead by 
35% . A final dividend of 5. Op per share is proposed, 
making a total for the year of 7. 75p — a rise of nearly 

15% ‘ 1986 1985 


Turnover 
Pre-tax profits 
Earnings per share 


£138m £102m 
£7. 8m £5. 5m 
18.6p 17.3p 


GLASS AND ALUMINIUM SPECIALISTS 

Copies of the report and accounts are available from the Secretary BayhaB, Huddersfield, We* Yottahke HD 1 5EJ. 


i .pifal Ra dio. A bridge between you and Londo n^ million s 

Whether you’re an / -v. ^ the young, affluent anc 

intermediary, city ad - s v upwardly-mobile. 

agency or finance ( t And die beauty o 

group, you have many X. \ ^ mj radio is that you cai 


than 3rcfA^ii, redem ption 

19th May, 1987. ^ un |ess presented for 

^ 01 s " "" 

redemption date- -aiifna for redemption must 

15 0 CBC.I a Luxembourg SA. 

in Luxembouig: 
ta London 

SABAH D^L0PM|NT^N|<BEBHABD 


and varied nnandai 
products to offer. 

Out there is a market 
that may not know 
about them all, and 
may not even know 
about you. 

A communication 
gap, to be sure. But a 
gap that Capital Radio 
can help you bridge. 

Capital has the right 
kind of listeners. 

Two million every 







Hammersmiih Brk^c, the route to town faro upmarket Surrey. Capital reaches commuters as dieydrive^ 


day, with a bias towards 
the young, affluent and 
upwardly-mobile. 

And die beauty of 
radio is that you can 
literally talk to your 
potential customers in 
a language they under- 
stand. 

It gets results. 

To find out how ask 
Philip Pinnegai; Sales 
Director; on die number 
below. 

Capital Radio 

356 Euston Road, London NW1 3BW. 

■TeL 01-388 680L 






v — - t. -v «• •- *• 


V v. V . -A, ■- *. • V. 



16 




* u:-. v,_ . wr+ -:; f t- *Vr>* 


Notice of Redemption 


Reynolds Metals European Capital Corporation 


has sailed for redemption all of Its 
5% Subordinated Guaranteed Convertible Debentures 

Due 1988 


The conversion privilege expiree at the dose off business on March 26, 1987 


Alternatives Available to Holders of the Debentures 

Conversion of the Debentures into Common Stock by March 26, 1987. Holders of the 
Debentures have the right to convert the Debentures at any time prior to the dose of business 
on the Redemption Date into shares of Common Stock, without par value (the “Common 
Stock"), of Reynolds Metals Company (the "Guarantor")- The conversion price is $43.68 per 
share of Common Stock, or 22.89 shares of Common Stock per $1,000 principal amount of 
Debentures. No payment or adjustment in respect of accrued interest or dividends will be made 
upon conversion of the Debentures. No fractional shares of Common Stock will be issued upon 
conversion, but in lieu thereof the holder will be paid an amount in cash equal to such fraction 
multiplied by the last reported sale price, regular way, of the Common Stock on the New York 
Stock Exchange on the last business day prior to the date of conversion. The last reported safe 
price of the Common Stock on the New York Stock Exchange on February 1 8, 1 987 was $54.00 
per share. Based on such lad reported sale price, the current market value of Common Stock 
(including cash in lieu of any fractional share) which holders would obtain by converting $1 ,000 
principal amount of Debentures into Common Stock on that day would be $1 ,236.06. As long 
as the price of Common Stock is equal to or greater than $44.43 per share, holders of the 
Debentures will receive upon conversion Common Stock (including cash received in lieu of 
fractional shares) having a current market value greater than the amount of cash which would 
be received upon redemption or upon tender pursuant to the below described commitment of 
Goldman, Sachs & Co. and Salomon Brothers Inc (the “Purchasers^. 

Tender of the Debentures to the Purchasers at $1,017 for each $1,000 principal amount by 
March 26, 1987. The Guarantor has made arrangements with the Purchasers to purchase all 
Debentures duly tendered for sale to them in the manner set forth in this Notice of Redemption 
at a flat price of $1 ,01 7 per $1 ,000 principal amount of Debentures. The Purchasers have 
agreed to convert any Debentures so purchased into Common Stock. 


The Company and the Guarantor are advised that the Purchasers may. in addition to purchases 
of Debentures pursuant to the above described commitment, purchase Debentures for their 
own account in the open market or otherwise at such times, in such amounts, on such terms 
and at such prices as they may determine and that the Purchasers will convert such Debentures 
into Common Stock. In connection therewith, the Purchasers may over- allot or effect transactions 
which may stabilize the market prices of the Common Stock and the Debentures at levels above 
those which might otherwise prevail in the open market Such stabilization, if commenced, may 
be discontinued at any time. 


Redemption of the Debentures on March 26, 1987. Debentures not converted or tendered to 
the Purchasers by the close of business on March 26, 1 987 will be redeemed at the redemption 
price of 51,000 per $1,000 principal amount plus $15.97 accrued and unpaid interest per 
$1,000 principal amount No interest will accrue on or after the Redemption Date. Holders of 
Debentures surrendered for redemption in New York will be required to comply with the Interest 
and Dividend Tax Compliance Act of 1983 on or before the date of such presentation. 


Sale of the Debentures through ordinary brokerage transactions. Debentures may be sold 
through a broker to others. Holders of Debentures should consult their own brokers as to this 
procedure. 


Manner of Conversion or Tender. To convert or tender any Debentures to the Purchasers, the 
holder thereof must surrender the Debentures prior to the close of business on March 26, 1 987 
to the Agents at the address specified below. The Debentures must be accompanied by written 
notice of intention to convert or to tender the Debentures. 


AGENTS 


By mail: 

Chemical Bank 
P.O. Box 25996 
Church Street Station 
New York, New York 10008 

By hand: 

Chemical Bank 
Corporate Tellers 
55 Water Street 

RM 234, 2nd Root North BuHding 
New York, New York 10041 


Chemical Bank 
180 Strand 

London WC2R 1ET, England 


S.G. Warburg & Co. Limited 
33 King William Street 
London ECHR 9 AS, England 


55 Water Street Banque Internationale & Luxembourg SA. 

RM 234, 2nd Root North BuHdmg 2 Boulevard Royal, L-2953 

New York, New York 1 0041 Luxembourg,Grand Duchy of Luxembourg 

The Debentures may be converted only by delivery to the Agents for that purpose 
prior to the close of business, local time, on March 26, 1987. Debentures not 
delivered for conversion and not sold to the Purchasers will be redeemed as set 
forth above. 


Copies of a Prospectus may be obtained from the Agents, the Purchasers, or Corporate 
Secretary, Reynolds Metals Company 6601 Broad Street Road, Richmond, Virginia 23261. 


The standby Purchasers are: 


Goldman, Sachs & Co. Salomon Brothers Inc 


85 Broad Street 
New York, New York 1 0004 
800/323-5678 
or 

212/902-1000 (within New York) 
(call collect) 


One New York Plaza, 45th Floor 
New York, New York 1 0004 
Ms. Ruta Ledins 
212/747-3269 (call collect) 


Dated: February 24, 1987 


Reynolds Metals European Capital Corporation 
By: Chemical Bank, os Thrstee 


CNT 

Caisse Nationale der Telecommunications 


9% US Dollar Bearer Bonds dm 1993 
Security Reference No. 462 839 


NOTICE OF REDEMPTION 




Pursuant to paragraph 4 (I) of the Condition, of Issue, we hereby 
announce that ail outstanding bonds of the above issue in thi 
nominal of US17 5 flQ0,00p are re be redeemed o? May IS I *7 * 
a price of 1021% of their principal amount. ae 

The bonds will be redeemed on or after May 15 1987 to bearer upon 
presentation of the bonds along with the interest coupons faWne 
due on May 15 19*8 and all further unmatured interest coupons. * 

(a) in the United States of America at 

Eurepean-American Bank & Trust Company 
New York City 

(b) outride the United States of America at the head office of 

Issue- ** ,Sted m accord ' ,n £ with the Conditions of 

Deutsche Bank Aktiengesellschaft, Frankfurt am Main 

Schweizensche Bankgesellscbifc, Zurich 

Sodded Gdndralc, Paris 

Banque Bruxelles Lambert SA, Brfissel 

Banque Paribas, Paris 

Amscerdam-Rotterdam Bank N.V„ Amsterdam 
Banca Commerciale Italians, Mai land 
Kredietbank SJV. Luxembourgeoise, Luxemburg 
S. G. Warburg & Co Limited, London 

The bonds shall cease to bear interest as of May 14. 1987. The 
amount of missing coupons wil be deducted from the prindpaL 

The interest coupons falling due on May 15 1987 will be paid 
separately in the usual manner. 










TwnnunuireiiiwiiwcniBit 

uumuLwcnMauiais 

■nSEtaAMOONH 

VOwhQllllMAWHpH 


CAISSE NATIONALE DE5 
TELECOMMUNICATIONS 


Pari*, in February 198 7 


Financial Times Wednesday Marc* 11 1987 


UK NEWS 


Peter Marsh assesses hopes for a government boost to research 


British space projects await blast-off 


THE GOVERNMENT is expected to increase its budget by 70 per cent 
reveal shortly whether Britain is to by 1890. 


REYNOLDS METALS EUROPEAN CAPITAL CORPORATION (the "Company*') has catted for 
redemption on March 26, 1 987 (the "Redemption Date") all of its outstanding 5% Subordinated 
Guaranteed Convertible Debentures due 1988 (the ■‘Debentures'*) at a redemption price of 
$i ,ooo per $1,000 principal amount plus accrued and unpaid interest to foe Redemption Date 
of $1 5 97 per $1 ,000 principal amount of foe Debentures. Payment of the redemption price for 
the Debentures will be made to holders of foe Debentures, commencing on foe Redemption 
Date, upon presentation and surrender of foe Debentures to the Agents identified below; 
together with all coupons appertaining thereto maturing after foe Redemption Date. Coupons 
maturing prior to the Redemption Date should be detached and surrendered for payment in foe 
usual manner. 


follow the bend of other major The agreement on the extra 


West European countries and great- funds, bringing ESA's annual bad- 
ly inw a y its activities la space get to about Cl2bn by foe end of 




science and technology. 


the decade, was required for foe 


The long-awaited announcement agency to start a range of ambitious 
on Britain’s space plan, which has programmes. These include a 


under consideration since last heavy-duty Ariane lau n c h e r , foe 


July, could involve a doohlin 
1890 of foe UK’s annual space 


French-inspired Hermes space 
shuttle, which win take people into 


get, which now at about orbit, and foe Columbus erbitingia- 


£100m- 


boratoiy, which is intended to plug 



Advocates of a hi gh«T UK profile into the international space station. 


1 


Mr Philip Hughes, chairman of presented ministers with a *meou w 
one of the UK’s leading soft- of different dunces for expand i ng 


in ^pac e point to fn jgp Mr Pattie knew, at foe time of foe 


dal potential of projects such as Rome meeting, that he would face a 
communications satellites and foe tough time back in I/m d on , win* 


?•$- 


ware companies, said that although 
Logical space division contributed 
only about 3 per cent of total sales. 


By requiring engineers to work 


gathering of pictures of the Earth ning support among his ministerial 
from p rinting vehicles. Such pic- colleagues for a hefty increase in 


tuxes can help farmers monitor spending in what, up to now, has 
crop growt h or out been an esoteric area of research. 


deposits for companies. 


In 1985, the UK spent about 


can bring "enormous spin-offs” to 
other sectors of business, said Mr 
Hughes. 

_ *** ^ Barixwe. director for 

Increased government spending CLOOm on civilian space science and business development at Marconi 

in space research will also be re- technology, a sum that, allowing for Qooffrev Pattie- Communications Systems, said fa- 

quired if Britain is to play a major inflation, will be required roagbly save underiaktoa dustry wanted the Government to 

part in an international programme to double by 1990 for Britain to eon- Invest in space research to ensure 

over foe next H«yw.w. to build a tixxue to contribute about 12 per Gibson, a wily and experienced ad- that UK companies do not fall be- 


out advanced soft w ar e tophniquoc, would affect Britain's note in foe 
computer-related space projects European space programme. 


quired if Britain is to play a major inflation, will be required roaghly 
part in an international programme to double by 1990 for Britain to con- 


Geoliray Rattle: 
gave undert a ki ng 


pihn ft 7>» p ) m.nnpH mwiriafani. cent of ESA's sp end i n g- 

ikL!- u l.L - -» - -- — nt Tlvt+nin’e W*ol cni 


aunistrstor who between 1975 and bind industry m foe rert of Europe. 


This would house laboratories for Of Britain’s total space budget, 1880 was bead of foe European Mr Baibone, diairinanof foeUK 


jobs °K*fr as the production of new foe ESA contribution swaflwns Space Agency, was appointed to ins Trofiwtriti Space and 

dregs alloys under weightless- roughly two-thirds, with the rest post in November 1985 on a three- who a seat on foe board of foe sing , to be funded under an ex- 
ness. spent on non-European ventures year contract British space centre, said that in panded space programme, could in- 

The project, involving foe US, Ja- such as purely British satellite pro- ' Companies such as Marconi, Ra- other countries companies expected dude schemas to encourage map 

pan, r'anaKa and Western Europe, jects or joint programmes with the cal-Decca, Plessey and British foe taxpayer to put large soms into makers or foe p lanni ng depart- 

is due to receive the final go-ahead US and Japan. Aerospace, afl of which are involved foe space business, and he fs&t the merets of local aut hor ities to.nse in* 

in fop aftp i* thrsv year* nf About 18 Tnnnths ago, the British in the space business through work pf » Hrf> apply- fn Pnfaiin. formation obtained from space 

negotiations. National Space Centre, an umbrella in areas such as -satellites mad tote- By standards, Brit- snapshots, as an alternative to cot 

Essentially, the Go v e rnm ent an- Whitehall body for the UK's space co mmunic a tions ground terminals, ain’s state spending on spare feeling . foe Informati on through 

nouncement on g pwy policy will re- activities which was itself formed were asked to tell Mr Gibson's staff and technology is ground surveys. 

wa l wh e ther » n un de rtaking two only at the begmmng of 1985, start- how much they had themselves in- The country is the fourth biggest The space plan is also expected to 

years ago by Mr Geoffrey Battle, ed work on Britain’s space plan. Mr vested in the space business, to- spender cm space in Western Ett- make a strong case' for Hotel (Hor- 

foe UK's industry minister with re- Pattie realised that to win over foe gether with 'what they expected to rope. tenty fop imiga t nf aortal Take Off, and 'Landing), a 

sponsibility for aerospace, is to be rest of foe Government the plan invest over the next five years. which is only slightly larger, and revolutionary spaoe launcher based 


spent on non-European ventures year contract 


British space centre, said that in 


The project, involving the US, Ja- such as purely British satellite pro- •' Companies such as Marconi, Ba- other countries companies expected 


pati [ ranarfa and Western Europe, jects or joint programmes with the caPpecca, Plessey and British foe ta x paye r to put large sums into 


is due to receive tbe go-ahead US and Japan. 


in the ef fer three years of 

negotiations. 


Aerospace, a0 of which are involved foe space business, and he fait foe 


About 18 months ago, the British in foe space business through work same should apply in Britain. 


National Space Centre, an umbrella in areas such as -satellites and tele- By frr*» w ‘ T » wl *5i |in,t1 standards, Brit- 


Essentially, the Government an- Whitehall body for foe UK's apace 


terminals, ain’s state ep^ruHng on space 


nouncement on g pwy policy will re- activities which was itself formed were asked to tell Mr Gibson's staff and technology is smalL 

veal whether an undertaking two only at the be ginning of 1985, start- how m uch they had themselves in- The country is the fourth biggest 


backed with hard ca sh . 


rafting Italy, foe budget of 
is only slightly larger, »nd 


would have to make a strong case Tbe figures have not been pub- well behind France and West Ger- 


At a ministerial meeting in Rome for increased space spending geo- tidied, and in any case would not many, winch spend r e s pect i vely 
in January 1985 of tbe European erating commercial oppo rtu nities make for dramatic reading. Accord- tour fores mote in 


Space Agency (ESA), tbe Paris- for UK companies. 


b ftspd body which co-ordinates With this in mind , Mr Boy Gib- ic Cooperation and Development, 


ing to tiie Organisation for Econom- area than Britain, according to 1985 


Western Europe's extraterrestrial son, director general o£ Britain's Britain's space industry in 1983 had 


budgets of all these countries 


activities, Mr Pattie was happy to space centre, has encouraged indue- a total turnover of only Sl8Qm, cam- have increased substantially in lo- 
go along with the agency’s plan to fry .to contribute to the pi«» Mr pared to S5JSm in the US, StOOm in mtt years. 


iwnta] Take Off Landing), a 
revolutionary space launcher based 
on foe ideas of Rolls-Royce and 
British Aerospace. Although foe 
project is still at an early stage, Mr 
Pattie feds that, ft backed by ESA, 
Hotel could turn out into a world- 
beating aerospace vehicle that 
could greatly reduce the costs of 
taking people into space 


Align-Rite 
plans $36m 


Park plant to cushion ICI job losses 


BY IAN HAMLTON FAZEY, NORTHERN CORRESPONDENT 


expansion 

worldwide 


By Anthony Moreton 
in Zurich 


ALIGN-RITE International, foe 
Bridgend, South Wales-based man- 
ufacturer of photomasks for the 
semiconductor industry, is to un- 
dertake a S36m (£23m) expansion 
over tbe next five years. 

The move involves expansion at . 
its present plants at Bridgend and 
at Burbank, California, and the 
creation of new ope ra ting units in . 
continental Europe and tbe Far 
East The intention is to tarn tbe 
concern into a leading multination- 
al supplier to the semiconductor in- 
dustry. 

Announcing , the plans in Zurich 
last night Mr James MacDonald, 
Chairman, said it was hoped to 
have both the extended Bridgend 
plant and the new facility in Europe 
I in operation by summer 1989. 

Align- Rite’s venture capital back- 
ers, Hambrecht and Qinst in the 
US, together with Charterhouse Ja- 
phet, Prutach and Foreign and Co- 
lonial in foe UK, are expected to 
fund part of foe investment pro- 
gramme. Other outside assistance 
will come from regional grants and 
the concern will contribute itself 
from retained earnings. Align-Rite 
is also investigating foe possibility 
of seeking a quote on London's un- 
listed Securities Market 

The company is unusual in that 


ICTS RUNDOWN of its agricultural 
division at Biffingham will cost 
Thesside about 250 jobs a year for 
the next five years. The company 
confirmed yesterday the 2£0Q* 
strong workforce will eveotuaQy be 
halved. 

IQ hopes foe impact of the losses 
will be cMhioned by tbe timescale. 
But it is also going to support new 
jobs in the area by turning over 
fa rmland it owns adjoining its Bil- 
Iingfaam works for a 167-acre tech- 
nology park, first details of which 
were revealed yesterday. 

This will called the Belosis H*n 
Technology Park and win be devel- 
oped jointly by the chemicals giant 


«nd i&igHA Estates. A joint compa- 
ny is being formed to run it, though 
IQ will be providing the chief ex- 
ecutive and consultancy services 
for the first 10 years. 

A planning application was made 
yesterday to Stockton Borough 
Council for foe Ci.77m first phase of 
the parit. which involves 50 acres. 

The plan is lor F-n gfish estates to 
spend (237m on seven “pavilion- 
style” buildings totaling 50,000 sq ft. 
Ikese will divided into a range of 
accommodation, from 150 sq ft 
rooms to 10,000 sq ft areas for work- 
shops and offices. " 

Tbe rest of the :mmeyV21 go into 
roads, services and landscaping. 


One third each will came from IQ, 
foe local authori ty, and various gov- 
ernment TtjT ihp ur- 

ban programme. Completion is ex- 
pected by spring next year, with & 
potential cf 200 new jobs. 

Tbe park will take its name from 
a medieval moated manor bouse 
which once stood on foe site. 


Other parts of foe park will he on 
offer to private developers and indi- 
vidual companies wanting to build 
their own premises. Target busi- 
nesses will be invataed in computer 
so f tw m^ i nstrumml gtioirsysteHis 
c a ntroL apecfaiHa t 'gn feiwp ’ g , bio- 
technology and related activities. 


Bn gBiA tpfll alai pr ov i d e 

a senior manager on site to help 
with property advice and . bnstoess 
assistance to its tenants. 

The idea is similar to schemas 
st a rted by two other large employ- 
ers which haw been reducing work- 
forces in foe north of England. The 
prototype was tbe Wavertree Tech- 
nology Park in Liverpool, where 
Bng*i«h Estates is involved with 
Plessey, the local au th ori t y and the 
Government 

Last year. Shell tuned over re- 
dundant land and buildings In its 

■flarrmg trm iwwp lpf rur^r UnwrfmB . 

ter,- for a business park aimed pri- 
marily at small badnesses. 


This announcement appears as a matter of record only. 




Montedison Finance 
(Overseas) Limited 


although founded in Burbank, 
where it still has a major operation, 


where it still has a major operation, 
its headquarters have been 
switched to Bridgend and the par- 
ent is now a British company. 

Tbe expansion at Bridgend is ex- 
pected to add about 35 workers to 
the present 58 totaL Another 40 
should be created in the continental 
European site and a further 30-40in 
the Far East When tbe expansion 
programme has been completed the 
company win employ around 330 
people compared with its present 
140. 

Tbe investment is being spread 
almost equally among Europe, the 
US and the Far East Talks have al- 
ready been held with a number of 
i European authorities in West Ger- 
many, the Netherlands and France, 
but so site decision is likely before 
the autumn. In tbe Far East Singa- 
pore, South Korea, Hong Kong and 
Taiwan are options. 

Some SI2m is to be spent on elec- 
tron beam manufacturing to meet 
the of semiconductor 

I1*4W 

Mr John Traab, director of inter- 
national business development 
who runs foe Bridgeend operation, 
aid that "impressive growth and 
stable market conditions in Europe 
bare been foe trigger for tbe new 
investment?. 

Align-Rite could capture a good 
part of that gr ow th he believed 

Most of foe $290m European mar- 
ket is supplied in-house with only 
about 1 per cent coining from the 
independents. 

The in-house manufacturers, 
which make semiconductors for 
themselves, face increasing costs to 

meet foe demands of new technolo- 
gy, giving scope for the indepen- 
dents to get nearer tbe position in 
foe US where they account for 
about a fifth of the S700m market, 
or eventually Japan, where they ac- 
count for almost 80 per cent of a 
market thought to be worth 5450m- 
5500m. 


Grand Cayman, Cayman Islands, British West Indies 


US. $250,000,000 


Euro-Commercial Paper Programme 


Guaranteed by 


Montedison S.pA. 


Incorporated with limited liability in 
The Bepublic of Italy 


Dealers 

Citicorp Investment Bank Limited 

Goldman Sachs International Corp. 

Swiss BankCorporadon International Limited 




Japan, S380m in France and S2S0m The tarft UK spaoe 
hewfit Germany. 

Industry, however, has generally been 
taken a huffish view on commercial gcwsnmeiit mn^tera, mrtably Mr 
prospects from space. Mr Peter Pad Q i a mum , foe 


Blair, director of SacaFDeoca Adv dnrtry Sectary, find Mr &mnefo 
anced Developments, said: “Space Baker, foe Education and Science 


technology is an excellent area for Sewetaiy. 

exnanskttL" It is believed that Mr Gibson has 


Britain’s space budget, coffining 
foe way fold particular options 
would be likely to lead to different 
orders of commercial spin-offs and 
also how the various possibilities 


On proposals for specific re- 
search, it is thought font Mr Gibson 

has put particular stress on remote- 


This is the obtaining of high-reso- 
hxtion pictures of foe Earth, either 
from satellites or f rom pl» tfn w n « 
which astronauts can visit, to re- 
place cam eras for. faatanoB. B ri t ain 
isdue to build such a platform as 
part <>f fop CotonbUB ly h ftF Fft . 




* ■? “ -M V 


• rv. 

• 'i 7 — 




? V*: \i - . 


. ''Ste p 


!• ** 


Joying Agent 

Citibank , NA. 


Ip 

i, l 


January, 1987 


IS 




CITICORPO INVESTMENT BANK 


-il\ -r 5* 
Sv * C n 


! -v^v .•y-y.jft'c.v y . * 








«--.=, **.-w .j j.- _ 




|.,. ; ?inan c ial Times Wednesday March 11 


THE ARTS 


Television/Christopher Punkley 


**££,,!* 


AIDS breaks conspiracy of silence 


*32 

POssfc^ 


^PeciBr. 

£45 « 


r roM... 


•cst 

S”* 6 »» 

fcp£t 
303 «w$ 

>‘5Sfc 

**9*3 

the 

■*•£* stage Mr 
;C *»d by ESA 

*toa«3J 

S* aw 

costs of 

?*» 


-* alsenwvaJe 
3 to help 
• 4tci S’^saies 
“j. 

ar w sigaes 

‘ ■-"< «?L> 

■tc^a^wKV. 

i.r;t^nc. Tja 
-•e-^Tjcb. 

' -T* : ‘ : - '•tee 

r-T re- 

z ;s 
necr V.i^a*. 
«•“< issc rv 


* 


Thw* have been man? 
«wgta Me agpecte to the Aids 
campaign on television. The 
f£®ed with which it has been 
produced has been impressive. 
Tkf “^Ppttion between BBC 

?2? ST •£*?_, -*“* "opreceden- 
. t6«- The explicit nature of the 
language, after a lifetime of 
tumbling euphemisms on the 
subject of sea, has been 
interesting. The courage of 
several presenters has been 
particular me 
ftmls.Qf M»e Smith's sensible 
fcandHng Of ITVs outspoken 
rust Aids . marathon aimed at 
teenagers, and Pattie ColdweU’s 
competence and common sense 
SLl® 8 ^? with capers to the 

WMoaa been living on, ber£ 
*«“«« and black coffee? 
Having appeared on live shows 
early every morning and late 
every night — or so it seems -- 
she turns up In a hard hat as a 
DIY builder in, Ob The House 
at the weekend ! }. 

*5® role of the condom alone 
In the past fortnight could form 
■the subject for a thesis. 
Throughout the entire history 
of the medium British tele* 
vision has cowered in witter- 
ing fear from Rubber Johnnie. 

The IRA has steadfastly re- 
fused advertisements for con- 
dmns, and when the London 
Rubber Company (brought your 
shares yet? be quick) decorated 
a racing car with Durex ads 
the BBC refused to film it But 
fa the past two weeks we have 
seen a man rolling a condom 
onto the erect fingers of his 
lady companion on peak-time 
nationwide television. The 
Spitting Image puppets have 
chanted * We've put a condom 
on our Willie ” and a model 
of Lord Whltelaw has appeared, 
sheathed in rubber. Ian Dory 
has rolled a condom onto a life- 
size plaster phallus. We have 
heard about banana flavoured 
condoms, black condoms, and 
traditional fish-skin condoms. 
As in the childhood game of 
repetition, the word has been 
said so often that it Is becom- 
ing meaningless 

However, the most interest- 
ing aspect of the whole cam- 
paign is not the content of the 
programmes but the long term 
implications. How can the IBA 
possibly sustain its opposition 
to family planning commercials 


now? if the Aids campaign 
works and the disease is suc- 
cessfully contained In Britain, 
will television be given the 
credit, or will people say 

Typical of television, a lot of 
song and dance shoot nntMwg ** 
and then take no notice nest 
time some emergency gets tele- 
vision's blitz treatment? Above 
it be, as I suspect, 
that axis campaign wDl eventu- 
ally be seen as a c l assic illus- 
tration Of the fbagrtt which 
ezlsts between television and 
ouch of the general public as 
regards so many social atti- 
tudes? 

If you have been watching 
television exhaustively you may 
have gathered a couple of clues 
about the true risk of Aids 
among heterosexuals. Horizon 
for example, reported on 1,000 
male heterosexual haemophi- 
liacs who became antibody- 
positive six or seven years ago 
thanks to contaminated blood 
transfusions. la all the Inter- 
vening years only about S per 
cent of their female partners 
have also become antibody 
positive. This led a doctor 
from the Royal Free to con- 
clude that it was “very diffi- 
cult" to transmit Aids hetero- 
sexually. 

But that is not the message 
that has been hammered home 
everywhere else. What we have 
been told repeatedly is that 


although the figures still show 
an overwhelming majority of 
Aids cases among male home- 
sesnuls and (to a smaller but 
growing extent) drug addicts 
and bisexuals “We are all at 
ride now." Because the inci- 
dence of Aids among British 
heterosexuals is still so low, 
figures for heterosexual Aids in 
central Africa have often been 
held up on television as a 
frightener, without any mention 
of the crucial differences 
between Africa and the UK in 
regard to public health and the 
statistics tor other sexually 
transmitted diseases. For facts 
of that sort you have had to 
look to newspapers. 

The. television campaign has 
given the impression, more 
often than not. of being 
primarily concerned with 
avoiding any possibility of 
promiscuous homosexuals being 
" blamed " for spreading the 
dread disease. This approach is 
commendably humane, particu- 
larly when contrasted with the 
apparent glee behind some of 
the “ Gay Plague! ” headlines 
in the tabloid press. Yet in 
bending over backwards to 
avoid blaming homosexuals and 
then leaning much too far the 
other way in the pretence that 
heterosexual practices are just 
as risky, television may have 
shown bow far out of toue h it 
Is with the public. 

On one of Open Air's Phone- 







Hike Smith 


in programmes last week one 
of those modem clergymen 
who look and sound like social 
workers declared that homo- 
sexuality was perfectly 
" natural. ” Oh not it wasn’t; 
said the woman on the phone 
scathingly, there was nothing 
" natural " about one man 
introducing his penis into 
another man's rectum. With a 
shock one recognised the 
authentic voice of a large part 
of the public usually missing 
from television. In the studio 
the clergyman and the reure- 
sentatrve of the Terence 
Riggins Trust grinned sheep- 
ishly and one of them muttered 
something about there being 
other ways for men to make 
love. 

It was a fascinating example 
of what can happen when tele- 
vision puts aside the conven- 
tions. If you abandon the usual 
television taboos on words such 
as condom and vagina and even 
** rimming " — which Anna 
Raeburn defined eagerly the 
nigbt before — and you allow 
the public onto the air, if only 
in sound, then you run the risk 
of breaking wide open the 
tacit but immensely strong con- 
spiracy which has dominated 
public intercourse on British 
television for decades. 

It is the conspiracy which 
prevents ordinary people, those 
not professionally involved in 
the mass media, from express- 
ing what they really feel about 
homosexuality, race, capital 
punishment feminism, and so 
on. Of course there is a liberal 
minded group among the public 
who argue for the continued 
abolition of capital punishment 
the tolerance and de-criminali- 
sation of homosexuality, and 
4> positive discrimination " in 
race. But it seems clear — not 
least from the results of the 
last two general elections — 
that there is in Britain a vast 
body of opinion, deeply con- 
servative with a small “ c," 
which is allowed only the 
smallest and most dispropor- 
tionate expression on television 
(and radio, incidentally). 

Capital punishment is a 
classic, and well-researched, 
example. Every opinion poll 
shows that an overwhelming 
majority of people. 85 per cent 
or more, favour a return to 
capital punishment Parliament 
evades the weight of that 
opinion with an argument 


Endvmion Ensemble 


Andrew Clement* 


Needles of Light/Cheltenham 


■ Sopranos-- who lacWe-Scboen- 
. berg's miniture. masterpiece 
Berzgeto&chse — and with a 
vocal line which spirals up to 
high F there are not too many 
of those — are unlikely to tackle 
Ravel's Chansons mad£casses. 
which demands a very different 
kind of voice. Yet both works 
were included to Monday's 
Endymlon concert at the Pur- 
cell Room, part of its 
•'Impressions" series which sets 
out to place Ravel firmly in 
the fountainhead of 20th- 
century modernism, and both 
were sung by Sarah Leonard. 

Miss Leonard's light, keen 
and superbly accurate tone is 
ideally suited to Herzgevtichse , 
and to the febrile, compressed 
sound world it evokes. The 
contributions of the instru- 
ments — harmonium, harp, 
celesta — was not as predse 
as they might have been, but 
the sense of the piece was com 
veyed as truthfully as one could 
expect. Chansons mod&co&ses, 
however, lacked bite and .inten- 
sity; the lower register did not 
project as it should to convey 
the power of Ravel's writing. 

- In Oliver Knussen's meaty 
Apollinaire setting Ocean de 
terra also Miss Leonard sang 
with formidable accuracy, m*®* 
dating the tangles of instrn- 


mentaUineuwith great aplomb. 
The remainder of the con c ert 
was however disappointing. The 
promised performance of 
Ligeti's Horn Trio failed to 
materialise (no explanation was 
offered) and the indnstou in- 
stead of two arrangements of 
Debussy’s Prfiade ft Vaprt&midl 
d'tsn fauna seemed excessive. 
Ravel's for piano duet was 
straightforward enough, but one 
made for Schoenberg's Society 
for Private Musical Performance 
and thought to be the work of 
Eisler was gruesomely fascinat- 
ing: the use of an har moniu m. 
de rigneur in all such arrange- 
ments, . could not be more 
inappropriate. 

Takemitsu’s Wa ter Wear 
from 1877, a surprisingly 
muscular and directional piece 
of tone painting, completed the 
programme together with 
Anthony Powers' NiepMtt 
commissioned for Endymlon in 
1983 and displaying an 
extremely virtnodc skm in 
Instrumentation at some cost 
to the consistency of the musi- 
cal thought Daniel Aria con- 
ducted the Takemitsu with tact 
and care: John Whitfield took 
charge of the r em a i n d e r , pro- 
ducing playing of efficiency 
rather than commitment or 
inspiration. 


A long cadenza .on the .off 
stage machine gun ushers in a 
series of short scenes presented 
in Roland Rees's production for 
Food Novo as if at a French 
pastorale. Symbolic figures in 
comic dress take over the stage, 
which is no more than boards, 
on trestles. These are a Moor, 
a Christian, Death, Satan, and 
their purpose is to establish the 
emotions in primary colours. 
There is also a musician playing 
martial music on the zurna and 
the dulzaina, two rustic wind 
instruments of shrill tones. 

Inside all this passes James 
Pettiferis story about the 
Spanish civil war, told In a 
series of short episodes. A visit 
to Swansea by Mosley and his 
British fascists strikes up a 
great outburst of sympathy for 
the Spanish Republicans, and 
Roy, Cathy and Josft (his father 
a basque immigrant) all decide 
to go and fight for them. The 
first act shows their progress to 
the front — interrogation about 
their allegiance, their curiosity 
at being abroad, elementary 
drill under a public school boy 
with military ambitions derived 
from tire Greeks. The second 
act shows scenes from the 
battlefield — a raid by the 


B. Am Young 

enemy, a visit to a field hospital, 
some wounds, Some deaths. 

The play is sot a documentary 
however, but a romance. Josf 
no sooner arrives in Spain than 
he pitches into a romantic 
search for his sister. Cathy 
singleband edly runs her field 
dressing station as if it were a 
hospital. She is allowed a single 
chaste kiss with Roy, but Roy's 
real romance is not with her 
but with the Communist Party. 
All three of these volunteers 
have a romantic certainty that 
the Republicans they fight for 
represent a valid cause and will 
win. 

Mr Pettifer*s story Is as un- 
sophisticated as those French 
pastorales must be. There is no 


conflict of view except over 
trivial things, no elaboration on 
speech, not much plot beyond 
the existence of the civil war. 
Details are kept minimal, 
though there la a horrific 
account of Josh's sister's ulti- 
mate fate. Such detail as we 
have is familiar to us from 
Hemingway and other writers 
who fought in the conflict or 
reported on it It may be 
reckoned authentic, for Mr 
Pettifer has edited Claud Cock- 
burn's writings from Spain. 

The production goes on from 
the Shaftesbury Hall in Cbelten- 
bam to Stroud, then to Liver- 
pool, then to its London 
opening at the Riverside 
Studios an March 18. 


First Chairman for International Piano 
Competition 


Sir Trevor Holdsworth, 
Chairman of GKN, has been ap- 
pointed the first President of 
the London International Piano 
Competition, a triennial event 
which will be held for the first 
ti me in February 1989, both on 
the South Bank and in the City. 


Sir Trevor, a pianist himself, 
is currently Chairman of the 
Brighton Festival and a Trustee 
of both the Philharmonia 
Orchestra and the Winston 
Churchill Memorial Trust. He 
was until recently on the 
Council of tiie Royal Opera 
House. 


Arts Guide 


Nnlc/Monday. Opera and BMmmdg. TMsWWne- 
day. ExUbMoea/Thuraday. A select*® gride to at mo Ms 
appears each Friday. 


FINANCIAL TIMES 

insurance AND INSURANCE BROKING 

The Financial Hums proposes to poMfeh » 
nn Tnenrance and Ins urance Broking on April 4* 
1987. Among the subjects reviewed wiU be: 
t. The major world Insurance Markets; 

2. Profiles on major JnternatiwsalDirect 
Insurance and Insurance Brokers; 

3. information Technology; 

4. Leading **&**"" tr ““ b 
within the Industry; 

. 5 . life Assurance and Pensions. 

asssssssffisasp 


The -asarsrJa 

Financial Times are Editor __ 


Theatre 


t lai. Carr*. Tbe Nombre <fOr 
baroqoe theatre company with Peso 
ffAae, a mosfcel spectacle cmobin- 

i—erim, BeBevoe Theatre. The 
BllgUlh l[lialtlH Tim II fill .wmpany 
presents Barbarians by Barrie 
BeeOe. a trilogy of riant plays tracr 
bag te fortunes of time sohool- 
leaaeca, ton white and one Made 
(Too to Don). (2*730). 

LONDON 


name in Leronsfs 1911 awd Hap- 
pens in a wonderful Paris Opera 
nmMawiw ** agiwd by Maria Bjorn- 
son. Hal Prince’s alert, affectionate 
tvwitwfna a superb cen- 
tral performance by Michael Craw- 
ford. A new, meritorious and pal- 
pride bit (8392244. CC 
319 6181/240 7200L 

Woman ta Mind '(VandevfQa): Alan 
Ayckbourn's new comedy has a bril- 
liant performance by Jnlia McKen- 
«ie as a diss atisfied housewife visit- 
ed cm her own garden lawn by an 
imaginary family. Bleak but 
funny, bailed in some quarters as 
vanguard foatitiat drama; be not 
put off by that (838 9987/5845). 

Starlight Express (Apollo Victoria); 
Andrew Lloyd Webber's roBerefcalr 


* 9 


Lm lWnmm Danfereoma (Antiaasa- 
dank Qtristopber Hamptoifomaa- 
tariy vision of hodof epistriary 
novel is easy, witty and wi se. Kke ft 
between Marivaux 
and de Howard Davies's aril- 
cot pre-Bevrinttanaiy jxntoctiim 
for tie BSC has moved fcom tie Pit 
with Alan RMrmftn and Lindsay 
poaca atill batting and b ii dnng 
over love» and other riffraff. 
(838S1U.CC 838 Ml). 

Mh a ffi Mea (Barbican); Barriy seen 
Shaw, and a much underrated play, 
given tie full BSC works by John 
Ckizd, ft Btisb new woman crashing 
into tie smxey conservatory to her 

3 

Seriss and newcomer R i ch a r d 

McCabe (828 8795, CC 838 8891). 

The Phamma cl tie Open (Her Maj- 
ertyty; spectacular but emotionally 
nutritional new musical by Andrew 
Lloyd Webber emphasiring tie to- 


movie magic, an esdting first half 
and a dwindling refiance on 
iwtiiwtwitiate rushing around. Dis- 
neyland, Star Wars and Cats are all 
Ttifluwicn. Pastiche score nods to- 
wards rods, country and hot gospeL 
MO child is known to have asked fix 
his money back. (B34 8184). 

1 he House' rf Bernard* Alba (Globe): 
Lorca's last tragedy in a su c c es s f ul 
production transferred to tie West 
feint fa t nu Wjt m i n e raa aM i Nuria Ex- 
pert, veteran Spanisch a c tress/di- 
rector, has drilled a high-calibre 
cast led fay Glenda Jackson and Jo- 
an Plowright into a near-authentic 
portr a yal of steam frustration in an 
aft-female household oppeesad by 
both traditional catiotidam and tie 


all a bit British, tart the company 
provides a roll -call of some or tie 
best a ctress e s around - all ec lipse d 
by the indfaUy touching Julie Le- 
grand. (437 1592). 








(specious In my view, though 
I am a convinced abolitionist) 
about British practising “ repre- 
sentative democracy" and not 
law by plebiscite. But what is 
television's argument for fail- 
ing to give proper voice to 
such opinions? 

So far as I can see virtually 
every "gatekeeper” or “agenda 
setter” in broadcasting, whether 
in charge of a channel, head 
of a drama department, or 
simply editor of a current 
affairs series, appears to be of 
that M liberal ” sort which 
spends much of its time ensur- 
ing that the attitudes and feel- 
ings of many ordinary people 
are kept off the air. Whatever 
the BBCs real reasons for get- 
ting itself into such a pickle 
over Ian Cuxteis's FaUdands 
play, there is a large section 
of the public which believes the 
work has not been produced 
because it would have repre- 
sented traditional conservative 
(or possibly Conservative) 
attitudes, pro-British and 
sympathetic to Mrs Thatcher. 

You do not have to share 
either the conservative social 
attitudes or the Conservative 
political attitudes of many Bri- 
tons to conclude that the tacit 
conspiracy within broadcasting I 
to keep those attitudes out of . 
programmes is both wrong 1 
headed and potentially dan- ' 
gerous. By keeping right wing 
attitudes towards race, homo- 
sexuality, capital punishment 
and so on off the screen you 
ensure that they remain un- 
questioned and maintain an 
underground respectability. 

If they were brought out into 
the open, their implications 
clearly illustrated, and their 
odiousness subjected to public 
ridicule, then we might begin 
to get a populace which actually 
believed in the liberal values 
currently receiving such wide- 
spread but unrepresentative 
public expression, instead of 
ridiculing them. 

Of course it could all go 
wrong: the liberal mass media 
folk might lose the argument. 
But if their supposed belief in 
freedom of speech is anything 
more than a cunning piece of 
camouflage hiding a totalitarian 
soul they should put it to the 
test and open up the airwaves, 
not just for AIDS campaigns 
but for* all shades of public 
opinion. 


■y - . .j- v . . 










Scene from “ The Upper Room ” 

Twyla Tharp Dance/New York 


Twyla Tharp's last season at 
Brooklyn Academy of Music 
took place exactly three years 
ago, in February 1984; it was 
followed that summer by a 
Broadway reprise of its two big 
hits, Nine Sinatra Songs and 
Fait Accompli. The following 
year was consumed by the 
Broadway production of Singtix’ 
in the Rain, which Tharp both 
choreographed and directed. Its 
eventual commercial success 
was achieved only at enormous 
cost to Tharp's artistic integrity 
and, one imagines, to her pride 
— if she thought she could beat 
the Broadway system without 
being forced to compromise, she 
soon learned otherwise. Instead 
of crawling away to lick her 
wounds, she withdrew to recoup 
and regroup her own company. 
Not all of her dancers chose, or 
were invited, to return — some 
stayed with the show, other 
veterans like Sara Rudner, Jen- 
nifer Way and Tom Rawe had 
already decided to retire. 

The new company, Twyla 
Tharp Dance, performed out of 
New York last summer and 
played at Brooklyn Academy 
for the month of February. It 
includes five dancers from the 
old group— Shelley Washing- 
ton, Richard Colton, William 
Whitener, John Carrafa, and 
Kevin O’Day; also. Way and 
Rawe, Christine Uchlda and 
Mary Ann Kellogg appeared in 
one work each. 

The dancers I have named 
all made personal contributions 
to Tharp’s style, none more 
crucially thaw Rudner, but they 
also served in a certain sense 
as projections of Tharp her- 
self. (This is even true of 
Mikha il Baryshnikov). The new 
dancers have not yet reached 
the point where they can fulfill 
either function. It may well be 


David Vaughan 

that Tharp has not even chosen 
them with that in mind. In the 
last few years before the dis- 
solution of the old company, 
her work bad gone in divergent 
directions. For her own com- 
pany, as well as further explora- 
tions of American popular 
dancing like Baker's Dozen and 
Nine Sinatra Songs, she had 
made a aeries of ambitious 
dramatic pieces, of which 
When We Were Very Young 
and The Catherine Wheel were 
the most inflated. Meanwhile, 
she made pieces for American 
Ballet Theatre and New York 
City Ballet in which she 
evidently had the intention of 
pursuing the possible exten- 
sions of classic ballet proposed 
by George Balanchine. 

The new Tharp company 
seems to represent an attempt 
to gather together a group of 
dancers who could move freely 
in all these areas, making it un- 
necessary for her to work with 
other companies. (Elaine Kudo 
of ABT was a guest, replacing 
an injured member of Tharp's 
group). Of the old repertory. 
Baker's Dozen and Nine Sinatra 
Songs , made around the indi- 
vidual personalities of the old 
company, didn't quite work. 
Washington and Kellogg, Col- 
ton and Whitener were as 
wonderful as ever, but the new 
dancers relied too much on 
mugging — the women, especi- 
ally, were neither as classy nor 
as spunky as their predecessors. 

The Catherine Wheel III, the 
latest version of Tharp's big 
dramatic piece from 1981 (the 
second was the 1982 television 
production) is shorter, tighter, 
but no more coherent Tharp, 
who can handle the most com- 
plex dance structures with ease, 
still seems defeated by the de- 
mands of narrative. Even the 


pure dance apotheosis seems 
unconvincing now — it has some- 
how dwindled into mere 
aerobics. 

Two works tailor-made for the 
new group, Ballare and In the 
Upper Room, were shown for 
the first time last summer. In 
both, the new women dance on 
pointe, though Tharp’s use of 
this technique is less inventive 
than in As Time Goes By (made 
for the Joffrey Ballet in 1973 
and revived at Brooklyn), with 
its sliding, dragging, hobbled 
toe-steps. Ballare, a lickety- 
split, step-for-note translitera- 
tion of the Mozart D major 
two-plano sonata, becomes 
wearisome to watch. In the 
Upper Room, to a collection of 
nine short pieces by Philip 
Glass, is a shrewdly calculated 
"applause machine" (in Balan- 
chine's phrase), matching 
musical crescendo with knock- 
down, drag-out dancing. The 
company’s performance is sen- 
sational, and the effect is 
intensified by Jennifer Tipton’s 
lighting, a variation on her 
fog-curtain for Fait Accompli, 
shot through with searchlight 
beams. 

No one can do this kind of 
thing more efficiently than 
Tharp, but for real choreo- 
graphic substance one has to 
look to the two earliest pieces 
in the repertory, the starkly 
minimalist Fugue of 1070 and 
As Time Goes By, In which new 
and old company members 
worked beautifully together, led 
authoritatively by Cheryl Jones 
and Michael Schumacher, two 
recruits from the Eliot Feld 
Ballet, in the opening and 
(dosing solos. The jazzy inflec- 
tions of classic vocabulary are 
musically apt. a logical exten- 
sion of Tharp's personal Idiom. 


Eileen Hulse/Wigmore Hall 


«2nd Street (Drury Lane): No British 
equivalent has been found for New 
York* Jerry Qtbech, bat David Mer- 
rick’s tapdancing extravaganza has 
bees rapturously received. 
(8388108). 

NEW YORK 

Otis (Winter Gerdeak Still 
Trevor Numfo production of TJS. Et 
Sot’s children’s poetry act to trendy 
music Is visually staffing and 
choreogrepfakalty Mine, but datac 
only to tie sense of a rather staid 
and overblown idea at theatricality. 
(2398282). 

Tm Net Hswpret (Booth): The 
Tony's best piny of 1988 won oa tie 
strength of its wor&ofaioati papa* 
tartiy for tie two oUstn* on Genteel 
Park benches who bicker nproar- 
ioualy about He past, j*e*mt and 
future, with a finmy plot to ma tch . 
(2388200). 

4£nd Street (Majestic): An immodest 
celebration of the heyday of Broad- 
way in tie 90s in c orpo rates gens 
from the or iginal tow* Bke Shuffle 
Off TO Buffalo with the appropri- 
ately brash and l eggy hoofing by a 
targe chons fine. (877 9020). 

A Qwna Line (Shnbert): The tongert- 
running ever in A meri ca 

bn not only supported Joseph 
Papp’s Public The at er for right 
years bat also ndsted tie nmrical 
genre with its backstage stay to 
which the songs an used as anffi- 
tioos rather than emo t i on s . 
<2398200). 

U Cage an Balks (Palace): With 
tanwfal Jerry Herman s o ngs, 
Harvey Fiefstefci’s adaptation of tha 
French film manages, barriy. to cap- 
tare the fed cd tie sw e at sad hilap- 


Eileen Hulse's dear, pure 
high soprano first drew atten- 
tion to itself in the Oxford pro- 
duction of Haydn's Anima del 
fllosofo a few years ago, and 
since that time it has been 
heard to advantage in several 
Kent Opera and ENO shows 
(she is about to undertake the 
Queen of Night in the new Kent 
Flute). As a recitalist she 
reveals freshness, intelligence, 
and musicianship of a high 
order: I don’t believe there was 
a single ill-tuned note in all of 
Monday's programme. 

The voice Is typically English 
— in its soft-centred sweetness, 
in its gentle way of touching 
the notes, in its consistent 
avoidance of showiness. Even 
while closing the recital with a 
Strauss group (including “AIs 


March 6-12 ( 


tons original between UgbkKkxag 
end gsudy chores n umber s. 
(1572828). 

Big Kteer (CTNeffi): Boger Mfflet's nm- 
ric rescues tide sedentary version of 
Bock Finn’s a d ve nt ur es down tie 
Ufiariarippi , which walked off witt i 
many 1385 Tony awards almost by ; 
default (2488220). , 

The Mystery of Edwin Droed (Imperi- 
al): Rupert Holme's Tony-winning i 
t es uii ecaan of tie u nflnMw i d Picfc- 
— « rfwafc. ig an tn©rzrious n» n | nf « f | 
with mmac-hall tunes where the an- 
dienee picks an ending. (239 8200). | 

CMCAOO ' 

PnaoB<9sendDfaMttes(ApriloGen- 
tertFa«ti»a look at country music ! 
and down-home country flfe with a , 
good beat and acme memorable 
songs, espec ially one played on kit- , 
chen utensils has proved to be a du- 
rable Qifaagp hit (0358100). 

She Always Said, Pablo (Goodman): 
The company's associate direc t o r. 
Frank Gated, created this pasti che 
d marie by Vfegft Thomson and 
Igor Stravinsky with words by Ger- 
trude Strin and visuals by Pablo Pi- 
casso. Performe d by U actors, tie 
wok features Picasso’s Minotaur as 
wefl os Picasso, Stein and Alice B. 
Tbktas. Ends April 4 (4433000) 

WAMKQTOM 

Cktaen Tsoi Mw (Bsenhswer): Hi- 
chord Thomas stare to popular his- 
torian Howard Fasts look at tie 
Thetford-bom A m eri can radicals 
rise and foil to obscurity, to between 
tie fame bro ugh t try Common 
Sense. Ends April 12. Kennedy Cem 

ter (23430789. 


Max Loppert 

mir dein Lied erklang" and 
“Amor") calling for a whole 
Zerbinetta-style arsenal of 
trills, flourishes and sparklers 
above the stave. Miss Hulse 
kept well clear of vulgarity. 
This was perhaps a fault as well 
as a virtue; likewise, in the four 
Debussy early songs a greater 
degree of edge and vivacity of 
attack was probably intended. 
But it was a fault of a pleasing 
kind. 

The concert had begun with 
the Purcell "Blessed Virgin’s 
Expostulation," sweetly and 
poetically uttered, with elo- 
quent echo-effects on the 
repeated cries of ** Gabriel.” In 
a Wolf Italian Song book selec- 
tion one sometimes wanted 
timbres of s tr o n ge r character 
(there is more, for instance, to 
“Auch kleine Dinge" than 
limpid demureness). But later 
on Miss Hulse’s Mahler singing 


produced a surprising variety of 
character; and in Judith Weir's 
King Harold’s Sago— a soi- 
disant "Grand Opera in three 
acts for unaccompanied solo 
soprano singing eight roles” — 
she was wholly delightful. The 
pianist — sympathetic, a little 
too reticent in Wolf— was 
Christopher Willis. 

Olivier’s radio return 

Lord Olivier will make his 
first appearance on BBC radio 
for more than SO years when he 
performs a monologue on Radio 
Three on May 22 — his 80th 
birthday. 

The monologue. No End to 
Dreaming, has been specially 
written for him by playwright 
Peter Barnes. Lord Olivier last 
appeared on BBC radio in a 
series of plays broadcast on the 
Light Programme in 2954. 


Saleroom/Susan Moore 

A yen for Kakiemon 


Christie's produced particu- 
larly good Kakiemon porcelain 
and record prices at its sale of 
Japanese works of art yester- 
day. A Japanese dealer paid 
£60,500 for a Kakiemon hexa- 
gonal jar and cover delightfully 
painted In iron-red, blue and 
turquoise enamels with chrysan- 
themum sprays. It is one of the 
few perfect examples known of 
this Hampton Court type (so- 
called after Queen Mary H*s 
collection at Hampton Court). 
The jar trebled the previous top 
price paid for a Hampton Court 
jar. 

A close record second was 
the £52300 paid by a private 
Japanese museum for a pair of 
striking Kakiemon tigers seated 
on rockwork bases, their 
exaggeratedly wide mouths 
coloured iron-red. A blue and 
white figure of a roistering 
Dutchman seated astride a gin 
cask also proved the most ex- 
pensive Dutchman so far, sell- 
ing for £41,800 (estimated 
£15-£25,000). The 18th century 
model, derived from Delft 
figures of Bacchus, appears to 
be one of only two blue and 
white examples in Europe. 

It was not only fine Kakie- 
mon that sold welL The con- 
tinuing strength of the yen 
accounts in some part for 
strong Japanese bidding but 
smaller pieces of Kakiemon 


and Zmari and Arita ware were 
also greeted enthusiastically. A 
pair of Kakie mon-type blue and 
white shallow dishes of the 
17th century that realised 
£9.680 (estimate £4-£16.000) 
would probably have been 
secured for £ 2,000 a year ago. 
And a small pair of Imari 
oviform jars and covers even 
went for a hammer price of 
£6,000 , 

One lot that surprisingly 
failed to sell was a handsome 
Momoyama period (26th cen- 
tury) export lacquer writing 
cabinet decorated with land- 
scapes and opening to reveal 29 
elaborately decorated drawers, 
raised on a George I stand. 
Thirteen per cent of the lots 
were bought in. 

Phillips, too, had a success- 
ful morning. A Henry Moore 
drawing of six draped figures, 
ideas for sculpture, which had 
been bought by the vendor In 
1935 for 30 gns, now fetched 
£70,400. Sir John Lavery's A 
Garden in France of 1902 
changed hands at £46,200, also 
well over the estimate. The 
sale made £436,095 with 16 per 
cent bought in. 

A record price for an optical 
toy. a W. Leigh Newton Kalei- 
doscope of around 1830, was 
paid at Sotheby's yesterday. 
Estimated at £2.50043,000. it 
found a new owner for £19,250. 



18 



UNANCIALTIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P4BY 
Tetegran^Pinantfrno I LimdcmPS4 k Telex;896487l 
Telephone: 01-2488000 


Wednesday March 11 1987 


Budget crisis 
in the EEC 


THE COMMISSION'S indict- 
ment of the European Com- 
munity’s budgetary crisis is 
severe and compelling. Not 
merely is the Community living 
on the edge of bankruptcy, it 
has for some years spent well 
beyond its income, because the 
institutions fudged honest rules 
of accounting. It is therefore 
high time that the member 
states put some order into the 
book-keeping and the manage- 
ment of the budget, and pro- 
vided the Community with fin- 
ancial resources which match 
the policy commitments they 
have adopted. So far so good. 

When the Commission moves 
from description to prescrip- 
tion, however, its approach is 
less severe and less compelling. 
Not merely does it propose a 
very large increase in the Com- 
munity's budgetary resources, 
on the strength of arguments 
which are sketchy at best, but 
it also recommends shifting to 
an entirely new and complex 
system of calculating national 
contributions. 


target date for the final elimin- 
ation of all trade barriers 
between the member states. 
The logic here is that a totally 
free market may be much 
riskier for the less developed 
members of the Community, 
whose economies may need 
compensating structural assist- 
ance in the name 
“ cohesion. " 

It is not clear, however, 
whether such structural assist- 
ance can normally be counted 
on to improve economic com- 
petitiveness, or whether it is 
little more than a subsidy from 
the richer to the poorer. These 
doubts have not stopped the 
Commission from arguing that 
the regional and social funds 
should double over the next 
six years. 


Financial pressure 


Beyond Emit 

When the member states 
raised the ceiling of budgetary 
resources in 1985, from 1 per 
cent equivalent VAT to 1.4 per 
cent, they tentatively envisaged 
that the next increase might 
take the limit to 1.6 per cent 
equivalent VAT. 

In practice, however, real 
spending is already way beyond 
the legal limit, partly because 
ordinary farm spending has 
risen over budget, financed by 
Inter - governmental advances, 
partly became accumulated 
farm stocks have not been 
adequately depreciated. 

On a proper accounting basis, 
according to the Commission, 
the Community would already 
this year require an equivalent 
VAT rate of 1.65 per cent, while 
the accumulated liabilities of 
the budget would total Ecu 
17bn (about £12bn). 

Manifestly, some increase in 
the Community’s financial re- 
sources must be agreed by the 
member states this year. It is 
not clear, however, why they 
should agree to the Commis- 
sion’s proposal for a new ceiling 


The Commission has tried to 
sweeten its proposals by claim- 
ing that the share of the budget 
going on agriculture by the end 
of the six years would have 
dropped from two thirds to 
about half. In real terms, how- 
ever, farm spending would still 
be growing by 21 per cent every 
year; it would only decline 
relatively, because the Com- 
mission’s proposals allow for 
such rapid increases in other 
chapters, and an overall rate 
of budgetary growth of 5.8 per 
cent a year in real terms. 

The top priority for 
sensible re-ordering of the 


Community’s budgetary arrange- 
n of the 


which would be equivalent to 


a 2.1 per cent VAT rate, and 
which seems altogether too 
lavish. 

The Commission argues that 
the Community needs security 
of budgetary resources between 
now and 1992, which is the 


ments most be a reform 
excesses of the farm policy, 
because ft is at once expensive 
and discredited. This depends 
on severe financial pressure, 
though outside pressure from 
international trading partners 
may also help. On the other 
hand, reforms which effectively 
take land out of production 
may well need to provide 
transitional help for ex-farmers, 
and thus cost more. But within 
some realistic time-frame, 
reform must lead to a real 
reduction in the costs of the 
policy. 

The dilemmas do not have 
simple solutions. The farm 
ministers have started some 
brave reforms, but the kind of 
ample arrangements 

being contemplated by the 
Commission could only weaken 
their resolve. What is required 
is a more modest interim 
flwanHai arrangement, and a 
more modest bureaucratic 
posture on the part of the 
Commission. 


The future of UK 


business schools 


IT IS now a full month since 
Britain's two foremost business 
schools, London and Man- 
chester, were given the un- 
expected news that government 
funds for their master's degree 
courses in management were 
likely to be cut sharply over 
the next three years. They have 
still not been told why. 

The decision was handed 
down in typically bald fashion 
by the University Grants Com- 
mittee, a semi-independent 
offshoot of government which 
is composed largely of aca- 
demics and other representa- 
tives of the UK education 
system. 

As the body which decides 
who gets what from the 
government’s annual block 
grant for universities, the UGC 
has been criticised for many 
years for the secrecy of Its 
decision-maklug machinery, and 
the inscrutability of some of its 
decrees. 


If the cuts are confirmed, the 
schools claim that their only 
possible course of action will 
be to treble their fees for UK 
and EEC students to over 
£5,000 a year, about the same 
as for those of other 
nationalities. This would still 
be well below what a limited 
number of Britons (or, 
occasionally, their employers) 
is prepared to pay at leading 
schools abroad, nrtably Insead 
in France and Harvard in the 
US. But Manchester and 


especially London are worried 
that this 


Painful cuts 


Complaint has run especially 
high since 1981, when the 
Thatcher Government began to 
force a painful series of budget 
cuts throughout Britain’s edu- 
cation network. Only last month 
an official report on the central 
management of universities 
recommended that the UGC 
should be replaced by a body 
which, in stark contrast, would 
operate a resource allocation 
process characterised by “ open 
debate, published plans, agreed 
criteria against which perfor- 
mance can be judged, [as well 
as] monitoring and accounta- 
bility." 

For 1987-88, funds are so 
short that only 18 of Britain’s 
53 university institutions are to 
receive grant increases above 
or on a par with inflation. Along 
with five other establishments, 
London and Manchester Busi- 
ness Schools are the hardest hit, 
with increases of only 0.7 per 
cent. Far 1989-90, the UGC 
plans to cut the two schools’ 
grants by nine and 23 per cent 
respectively. 

Government funds account 
for less than 30 per cent of 
London and Manchester's 
income, and the UGC says the 
cuts are "only provisional " 
(characteristically, it has re- 
fused to explain what that 
means). Yet the reductions are 
particularly threatening at a 
time when, with UGC en- 
couragement, both Institutions 
have committed themselves to 
taking more than 30 per cent 
extra master's degree students 


would put them 
beyond the reach of most full- 
time British students, 

By refusing to explain itself, 
the UGC has encouraged specu- 
lation that it is either “punish- 
ing” London and Manchester 
for running courses that are 
longer and more concerned with 
scholarship than those at other 
UK business schools, or that its 
decision was purely the bureau- 
cratic result of adjustment in its 
arcane computer models. 

A third possibility is that it 
is trying to force the schools 
further along the road to priva- 
tisation, a policy advocated by 
an academic economist who is 
now head of Mrs Thatcher's 
policy unit. 


New balance 


Any such decision at this 
stage would pre-empt the 
results, expected in April, of a 
major government - sponsored 

inquiry into the future of 

British management education. 
As well as proposing a new 
balance between public ^ 
private funding, the inquiry is 
expected to call for a sharp 
expansion of management train- 
ing programmes. It will also 
help clarify whether London 
and Manchester should continue 
to be given special t r e atm ent, 
or whether they should be 
lamped together with other 
management schools — both 
pubMc and private— which place 
less of a premium on elevated 
academic standards. 

The UGC’s funds may be 
Short, but Khe future role of 
leading bumness schools, within 
or outside the state education 
system, 4s too uoportant an issue 
to he settled merely on the haaic 
of shared misery wkfa the uni- 
versities. The UGC should not 
only come dean about its 
reasoning, but restore the cuts 
at least until — after considered 
debate— the schools can be 
given adequate time to plan for 
changes on their funding and 
teaching patterns. 


A FTER a dour winter of 
snow and electioneering, 
the Bonn crocuses are 
cautiously appearing round the 
Rhineside ministries. But 
spring win send no more than 
a glimmer of fciwmhtm* through 
the clouds surrounding the 
Centre-Right coalition of Chan* 
cellor Helmut Kohl. 

His difficulties started on the 
night of the general election on 
January 25. The Chancellor’s 
three-party coalition was con- 
firmed in power, but with its 
majority in the Bundestag 
(federal assembly) cut by 
nearly a third and with his 
Christian Democratic Union 
(GDU) scoring its lowest share 
of the vote (44.3 per cent) since 
the federal republic's first elec- 
tions in 1949. 

Due to be re-elected Chan- 
cellor by the Bundestag today, 
Mr Kohl is starting his second 
four-year term further under- 
mined by six weeks of coalition 
bickering over a new govern- 
ment programme. 

Differences have surfaced, 
above all, over a DM 44bn 
(£14-9bn) tax cut package due 
to take effect in 1990 as the 
centrepiece of the administra- 
tion's efforts to improve the 
workings of Western Europe's 
most powerful economy. 

Admired abroad for the rela- 
tively smooth running of its 
administration and economy. 
West Germany none the less 
appears to be facing a period 
of M Durchwulrsteln ” or mud- 
dling through — the term once 
used by former Chancellor 
Helmut Schmidt to describe the 
Britain of the 1970s. 

The strains within the coali- 
tion party reflect an inevitable 
effort by the liberal Free Demo- 
cratic Party (FDP) to gain poli- 
tical prestige. Junior partner to 
the conservative CDU and Its 
Bavarian sister party, the 
Christian Social Union (CSU), 
the FDP gained ground in the 
January election with 9.1 per 
cent of the votes. Since the 
FDP is more tree-market 
orientated than the other two 
parties, while more centrist on 
foreign policy, the in-fighting 
has been messy. 

Mr Kohl’s aides are obliged 
to defend their leader against 
virulent charges in some con- 
servative newspapers of irre- 
solution and incoherence. The 
Chancellor’s defenders claim 
that his willingness to allow 
the government to engage in 
open quarrels is one way of 
eventually binding ministers to 
a common line. 

The Chancellor is not the 
man to impose solutions. Dis- 
sonance must be permitted, one 
key official says. 

The discord has however ex- 
posed a larger question over 
fragmentation of power within 
West Germany’s decentralised, 
federal political structure. 

The checks and balances in- 
herent In devolution of responsi- 
bility and decision-making to 
the 11 states or Leander have 
contributed greatly to the coun- 
try’s stability and prosperity 
since the war. But the environ- 
ment has become more difficult 
and competitive than In the 
1960s and 1970s, and many 
issues which once commanded 
consensus, such as nuclear 
power or the distribution of fin- 
ancial resources between nor- 
thern and southern Laender, 
are becoming points of conflict 
Worrying aloud that the fed- 
eral system must be growing 
into an impediment to decisive 
centra] government, one senior 
western diplomat in Bonn asks; 
"When does stability become 
paralysis?” 

Such remarks have been 
prompted by Mr Kohl’s peculiar 
position— simultaneously at the 
centre and at the fringes of 
power. 


BATTLES FOR THE LAENDER 


Hamburg (May 17*) 


SPD (41.7%) faces two-proaged 
snack from CDU and Greens 


Schleswig Holstein 
(Sep 13) 


'nofctaal 


ffaiccrtasiB refer 1 q 
last Lend efeebons 



Rhineland Palatinate 
(May 17 ) 


CDU stronghold [51. 9%) 
fighting SPD and Greens 




L 



THE WEST GERMAN COALITION 


The centre feels 


the squeeze 


By David Marsh in Bonn 


Like a latter-day Holy Homan 
Emperor, he is a hostage to 
the task of preserving a deli- 
cate equilibrium in the 
Laender, where no less than 
five state elections are due to 
take place over the next six 
months. 

As a result, decisions in Bonn 
are increasingly taken an the 
basis not of dear strategic 
choices but of Influence-juggling 
with regional political barons 
and other lobby groups. 

Underlined by the coalition 
arguments over tax reform, as 
well as over a range of Issues 
from law and order and the 
environment to the fight against 
Aids, the Government’s weak- 
ness has been exposed. 

The country is at a crucial 
juncture. Straddling, as it does, 
the East-West fault line, it is 
vital that it has a government 
of firm contours at a timg when 
Mr Mikhail Gorbachev is trying 
to change the Soviet Union’s 
image and when US leadership 
has been enfeebled by Presi- 
dent Ronald Reagan’s difficul- 
ties over the Iran weapons 
scandal and the decline of the 
dollar. 

The West has also been look- 
ing for, and h as failed to get 
so far, coherent action, from the 
federal republic over measures 
to boost the world economy and 
to reform the European Com- 
munity. Bonn's opposition to 
price cuts for its farmers has 
dismayed other EEC members, 
who see it as a clear contra- 
diction of previous German 
demands for financial discipline. 

Unless action is taken soon, 
Mr Kohl could find the prob- 
lems of the EEC budget and the 
Common Agricultural Policy 


tumbling in his lap when Bonn 
wants to avoid them most — at 
the beginning of next year, 
when West Germany takes over 
the six-monthly presidency of 
the Community. ^ 

The Chancellor owes ' his 
rlimh to the top to steadiness 
and a good tactical brain rather 
than imag ination or inefsive- 
ness and is at his best when 
required to stick through thick 
and thin to previously worked 
out policies. His shortcomings 


era tic Party (SPD), have been 
sounding warnings for months. 
Some economic forecasters are 
predicting growth as low as 1 
per cent this year. West Ger- 
many is fn danger of entering 
what could amount to a mild 
recession with unemployment 
still stuck Clearly above 2m. 

Bui if concern- reigns on - the 
economic front, .foreign affairs 
present a more pleasing 
prospect 

Mr KqWb tenacity in carry- 


chev with Nazi propagandist 
Josef Goebbels led to a care- 
fully stage-managed Soviet 

freeze on relations with Bonn 
and left the Chancellor hope- 
lessly on the defensive. 


The federal system may be 
growing into an impediment 
to decisive government in 




become more evident when 
diplomatic fine-tuning is de- 
manded, or when a change In 
the wind necessitates a policy 

During the past few months, 
the Kohl administration has 
seemed to be bumbling and 
indecisive, above all in its 
approach to the economy, 
which after four years of up- 
turn is now running out of 
steam. Highlighted fay almost 
daily news of company redun- 
dancies and falling industrial 
orders, the domestic economy 
does not seem strong enough 
to take up the slack left by 
falling export demand caused 
by the strong DMaxk. 

Foreign critics, above all in 
the US Government, as well as 
the opposition Social Demo- 


ing through deployment of US 
intermediate-range nuclear mis- 
siles in 1988 has been perhaps 
his most ' important ' 7 achieve- 
ment since voicing office in 
1982. 

This has now been rewarded 
by the Soviet leader's latest 
offer on Euromissfles. The 
move has beet warmly^ 
welcomed in Bonn in spite of 
continued misgivings about the 
Soviet Unions superiority in 
conventional forces and shorter- 
range nuclear missiles. 

On the face of it Mr Gorba- 
chev's offer represented the 
Bonn Government’s first piece 
of good news for weeks. But 
Mr Kohl has been in no poaa- 
tiotn to profit personally. 

His gaffe last autumn in 
indirectly comparing Mr Gorha- 


Now that the elections are 
out of the way, Moscow has 
decided that It is time for a 
thaw. But the political benefits 
are being reaped above all by 
Mr Hana-Dietrich Genscher, the 
FDP Foreign Minister, who has 
been trying to awing the rest 
of the Government (and the 
West as a! whole) behind his 
campaign, to -“take Gorbachev 
at his word.” 

Mr . Genscher .has been 
strengthened fay the eclipse on 
January 25 of his long-time 
rival, Mr Franz Josef Strauss, 
the CSU leader and Bavarian 
Prime Minister. 

Mr Strauss contributed to the 
FDP’s election gains through 
pre-poll sniping at the foreign 
policies carried out in different 
coalitions fay Mr Genscher for. 
18- -years.--" •• • ■ 

But the rise in Mr Genscher's 
fortunes Is only one of the 
consequences of the election 
which saw an unparalleled 
swing to smaller parties 
thus added further to the 
centrifugal forces in -West 
German politics. 

Both the - CDU and the 
struggling and divided SPD 
registered their worst results 
for more than SO years. 

The gains of both the FDP 
and of the Ecology Party 
(Greens); which scored 8.3 per 
cent of the vote, have opened 
up a new era. For the first 
time in the post-war republic, 
four established parties — the 


fifth, the CSU, operates only 
.in Bavaria — - are joMUng fiw 
the favour of an incre as i ng ly 
volatile electorate. . 

This will become aiwent 
in the five state ejections 
Stwren April and September: 
in the polls over the next two 
SoStteiaflieH« e .BUnei»d 
Palatinate and Hamburg, she 
Greens will play a crucial role- 

In the first two cases, the 
outcome could be l^eal coah* 
tions between the SPD aud thc 
Greens; in 

between the SPD and the FDf% 
All would have strong reperens- 
sfons on the political balanee 
in Bonn. 

Even more significant is the 
possible effect on the Bonder 
rat (the upper- house of the 
federal parliament). If the SPD 
holds on to power 
and Hamburg and if _ the CDU 
loses Rhineland Palatinate, the 
Bonn coalition will lose its- 
majority ’ in ' the Bundesrat, 
which has to approve legisla- 
tion impinging on Laender 
interests. 

The loss of the Bundesrat 
could further impede conclu- 
sion of the 1990 tax reform 
programme. The coalition 
approved the size of tax -cuts 
at the end of last month but 
without any accord over their . 

financing. 

Mr Gerhard Stoltenberg, the 
Finance Minister, bad to cope ; 
with pressure from the FDP 
and industry lobbyists for dear 
cuts in tax rates. But the 
reformist wing of the CDU, 
anxious about the worker vote 
In the coining Laender elec- 
tions, was against' any cuts; 
geared to firmly towards the 
rich. *•- 

The Finance Minister, bis 
authority dented by tho squab- 
bling, has ended with a com- 
promise which has attracted 
only a faint-hearted welcome 

The lack of agreement on how 
the money will be found .to 
finance DM 10bn of the cuts 
spells trouble for the autumn, 
when the details are due to be 
completed. 

So Mr Stoltenberg faces 
possibly the worst of.alLworids. 
By agreeing to tax cuts before 
spending reductions, he may . 
low domestic political face * 
through jeopardising the 
rigorous budgetary policy which 
has become- his hallmark 

A more relaxed fiscal policy 
has been urged for several years - 
by.: the Organisation for 
Economic Co-operation and 
Development (OECD).' But if; a 
backdoor stimulus turns but to 
be the outcome. Mr Stoltenberg 
is unlikely to gain much inter- 
national credit. It will have been 
decided more by accident 
rather than as a result of inteN 
national policy co-ordination. 

Impotence in Bonn would 
provide no cause for concent if 
it were simply part of ait exer- 
cise in getting gover nm ent “ off 
the people’s Backs * and allow- 
ing industry to get on with the 
job of naming the economy. 
Unfortunately, this is not the. 
case. The Government needs to 
give a clear lead to industry and 
the 1 economy as v a whole,- above •“ 
all in areas where excessive- 
regulation and steadily growing , 
subsidies require decisiveness, 
not dithering. 

Action is also required on st- 
range of longer term issues. 
These include . rethinking the 
pensions system and . coping 
with a steady decline In popular . 
tion resulting from the low birth, 
rate. 

In the meantime, at least 
until the autumn, Bonn' . wQl 
hAve its mind on Laender 
politics. Even some of Mr Kohl’s 
most ardent supporters have 
been warning that g over n ment 
In Bonn has been postponed 
untQ next year. 


Vote for Ted, 
says Tory Whip 


Edward Heath is now as close 
to being adapted as the official 
Conservative candidate for the 
Oxford University Chancellor- 
ship as it is possible to be. 

The election this week has 
become an openly political 
contest between the Social 
Democratic Party and the Con- 
servatives. But the true-blue 
members of the Coningsby Club 
were unsure which of the two 
Conservative candidates — Heath 
or the historian. Lord Blake — 
should get Ihelr votes. 

Chairman, Stephen Massey, 
wrote for guidance to the 
Government Chief 'Whip, John 
Wakeham- “AH our members 
feel that the priority is to stop 
Roy Jenkins winning and claim- 
ing a victory for the SDP," he 

uotJ m Tt wfrinM Kn vara ltolnfnl 


said. “ It would be very helpful 
to me if you could give me an 
indication of the views of the 
Parliamentary Party on the 
candidature of Ted Heath." 

Wakeham replied that M it 
would not be right for me to 
prefer one Conservative candi- 
date to another." But he 



Men and Matters 


agreed “ it is in our interest for 
one of them to defeat Roy 
Jenkins." 


He then added: "It may be 
considered that Ted Heath has 
a much better chance of defeat- 
ing Jenkins than does Robert 
Blake, in which case it is clearly 
in the Party’s interest for Ted 
to receive the widest support” 
Heath, as I remarked last 
week, must be overwhelmed by 
the way in which the party is 
rallying behind him. But be 
still appears to have a tough 
fight on his hands.' Sir Alec 
Cairncross, former bead of the 
Government Economic Service, 
seems to have organised a for- 
midable support system for 
Jenkins. Oxford MAs have 
been circulated with the names 
and telephone numbers of 
college contacts, equipped with 
rail and coach timetables, and 
assured that if they do not have 
gowns to wear for the vote, a 
supply will be available in the 
Divinity School from "a 
readily recognisable" Jenkins 
supporter. 


You’d think an ex-prime 
minister would’ve discreetly 
leaked his defence views.” 


Family circle 


sional select committees investi- 
gating the arms scandal. Her 
words will do little to persuade 
the two men to remain silent 
In order to protect the Presi- 
dent 

But then the President’s 
brother, Neil Reagan, declined 
to exercise his right to remain 
silent last week. He told a San 
Diego newspaper that he 
believed the President had 
arranged the diversion of profits 
from the Iran sales to the 
Nicaraguan Contra rebels in 
order to skirt the congressional 
ban on aid. "There is more 
than one way to skin a cat,” Neil 
Reagan opined. 


Pit stop 


Ronald Reagan’s family is 
hardly helping in his 

current crisis. First there were 
reports of the “Dragon Lady," 
Nanpy, wresting power from the 
President and ousting his chief 
of staff. Donald Regan. Now, 
daughter, Maureen says Reagan 
was deceived by his former 
aides Lt Col Oliver North and 
Vice Admiral John Poindexter, 

and suggests that both should 
be court marti ailed. 


The timing of Maureen 
Reagan’s remarks in front of a 
Republican audience in South 
Dakota is unfortunate. Poin- 
dexter and North are likely, 
very shortly, to receive limited 
immunity from the coagres- 


British Coal Is to stop acting 
as the eyes and ears of private 
British companies in the search 
for overseas mining contracts. 
The move comes with the early 
retirement this month of Alan 
Oldfield, head of British Coal 
International, founded a decade 
ago by Lord Ezra, then NCB 
chairman, to help market 
British mining expertise world- 
wide. 

Oldfield. 56, a former colliery 
undermanager from Durham 
who was also the nationalised 
Industry's head of overseas 
mining, tells me: “Fm going 
independent as a consultant and 
adviser on the world coal 
scene." 

BGI has been providing a 
regular flow of information to 
the equipment suppliers who, 
with the run down of the 
British coal industry, rely more 
than ever on overseas markets. 
But its customers are said to be 
unruffled by British Coal’s deci- 
sion since there is talk of set- 
ting up a Government-backed 
computer data base. 

BCI will live on mainly as a 
forum for discussions between 


British Coal and the private 
sector. Most of Oldfield’s five- 
strong staff will be transferred 
to the "ifeing research and 
development establishment 
which also looks after the in- 
dustry's numerous collaborative 
agreements with overseas coal 
industries. 


Garlic for luck 


If next Sunday’s Wales- America 
87 festival hi Bridgend, South 
Wales, turns out as successful 
as the Gilroy garlic festival 
then John Traub will be 
happy man. 

Traub is chief executive of 
Aligs-Rite, a semi-conductor 
concern which started in Cali- 
fornia, and now has its inter- 
national headquarters in the 
Welsh town. 


A few years ago Traub was 
working In Gilroy, a California 
town which claims proudly to 
be the garlic capital of the US. 
He started a festival to draw 
attention to the town and the 
product. 

“The result was amazing,” he 
says. "Four thousand people 
attended the first year. The 
numbers rose to more than 
250,000 by the third yean— and 
it is still growing. People back 
home know about Gilroy all 
right now.” 

He sees the Wales- Am erica 
day as a chance to show what 
American concerns are doing In 
Wales to help the economy. 
There are now, incidentally, 
more t fa q n 100 US manufactur- 
ing plants In the Principality, 
employing more than the old 
industrial belbwethera of coal 
and steel put together. 

The Anna wDl offer, he says, 
“a fun day with a serious 
undertone." 



Under contract 


There is a small building con- 
tractor In Saudi Arabia which 
calls itself, in English, the 
“Arab Constricting Company." 






Observer 



i 


A 




A. 




$ 


his 


1 , fA 




&y.. 


% 

Mi" 




i^cV 


- 


* 4 : S* V 
'fl, ■ 




* 







19 


Financial Times Wednesday March 11 1987 


Od 

lis 

*1 

V 

3m 

to 

lit. 

ith 

OH 

ow 

ws. 

ace 

fcr 

so 

elv 

kid 


3nce 
out 
has 
a use 
ther 
golf, 
rself 
eing 
Last 
she 
and 
r the 
iayei 

is 

aday 
SJs 
puts 
’ and 
com- 
never 

mans 

ably) 

xuch 

53 to 
"fas a 
iuetes 

> way 
war. 
was 

:■!: he 
i moat 
«?«■ 


reaiE? 


AUSTRALIA UNDER LABOR 

Mr Hawke meets 
his Mr Reagan 


By Chris SherweU in Sydney 


POUR YEARS ago Hr Bob 
Hawke, newly transformed 
from trade union boss to leader 
of Australia’s Labor Parly, 
strode to his remarkable 
electoral victory ' over Mr 
Malcolm Fraser's conservative 
roalibon of the Liberal and 
National parties. 

But the celebration* last week 
. wre tinged with apprehension. 
For a T ant a lisin g record is now 
witmn the 57-year-old Mr 
- Hawse’s grasp— and 1dm Aus- 
traU ans, not to mention the 
world's financial markets, axe 
TOcaHng Increasingly on 
whether he can achieve it 

In a few months' n™? , Mr 
Hawke win become the country's 
longest-surviving Labor Prime 
Minister, as well as one of its 
most consistently popular. If 
Labor is victorious at the next 
election, the party will n ub 
history by winning three 
in succession. 

But events over the past few 
weeks have suddenly demon- 
strated that timing is going to 
be all important The next eleo 
taon ne^ not be called before 
April 1988, and Ministers are 
forecasting a pon fer the pre- 
vious month. Since the begin, 
mng of the year, however, two 
& developments have occurred 
which could upset their calcula- 
tions. 

One of these is a rousing, 
populist campaign by Sir Joh 
Bjelke-Petersen, the 76-year- 
old right-wing maverick Pre- 
mier of Queensland, who has 
decided to posh for 
leadership in Canberra on a 
supply-eiders* platform of low 
taxes, small government 
weakened unions. 

The other is the con tinuing 
deterioration in the state of the 
country's economy. 

Of the two, the economic 
developments are the more 
worrying. Indeed, Sir Joh might 
not be causing much of a sensa- 
tion at all were it not for the 
decline in living standards 

being experienced by Anstra- 
l lia'S rural c ommuni ty «md 

w urban d ya^ n, 

Together they raise the ques- 
tion of whether the .extra- 
ordinary rightward shift in file 
economic and political think- 
ing of Mr Hawke and his 

government will backfire on 
them. 


It is now dear that economic 
growth, after three expansive 
years, wB3 fell well short of 
the 2J2S per cent projected for 
the 1988-87 fiscal year ending 
in Jun e. 

At the heart of the imme- 
diate difficulty is a failure to 
contain public sector spending, 
despite tightened reins on 
Federal expenditure. The main 
culprits are Australia's state 
governments, which have 
dipped into reserves from past 
borrowings to maintain spend- 
ing levels. 

Another source of difficulty 
is higher-than-expected govern- 
ment debt-service payments, be- 
cause of higher interest rates. 
The high rates stem from the 
Governments perceived need to 
support the Australian dollar. 

This was floated in IMS, but 
began plunging at the start of 
1986 when felling world com- 
modity prices promised to exact 
a heavy toll on Australia’s 
balance of payments. 

In 198686 Australia recorded 
Its worst-ever current account 
deficit of A$13.7bn. This year 
it looks like duplicating that, 
making it among the worst of 
the OECD economies at 6 per 
cent of GDP. 

In recent months the currency 
has come off the bottom and 
stabilised. The Government, 
helped by inflows of foreign 
capital to a buoyant share 
market, has held a floor under 
the currency since last Sept- 
ember. 

The Government's sense of 
electoral vulnerability over the 
currency has been reduced but 
only > slight easing of upward 
pressure 4>n Interest rates has 
been noted. 

As a result, investment has 
not picked up- 

With prime rates still above 
18 per cent, moreover, borrow- 
ing costs are now a domestic 
political issue. 

The external debt picture is 
also gloomy. The Government 
in covering its budget deficit 
which is overshooting its target 
of A$R5tm (£L5Sbn) for the 
current fiscal year, has driven 
other borrowers elsewhere, 
especially offshore. Australia's 
foreign debt has risen above 
ASlOObn, or close to 40 per cent 
of gross domestic product 

A substantial proportion of 


the increase in external debt 
over the past two years has been 
due to the currency's depreda- 
tion. But a further strengthen- 
ing of the currency seems un- 
likely and, short of some even 
tougher austerity measures 
which might be politically im- 
possible for a Labor govern- 
ment the country's balance of 
payments problems are not 
likely to be corrected before 
1992. 

Indeed, in the absence of 
world economic growth, living 
standards must fall further. 
That means more Ministerial' 
pressure on a resistant trade 
union movement to improve pro- 
ductivity and reform work prac- 
tices. 

It is in this perplexing en- 
vironment that Sir Joh Bjelke- 
Petersen is making his mark. 
A politician for 40 years and 
Premier of Queensland since 
1968, he has until now been 
regarded by many outsiders as 
something of a crank. Few 
would have believed he could 
become a national figure, let 
alone prime minister. 

Contributing to this impres- 
sion have been his background 
as a peanut farmer, his god- 
fearing paternalism and pro- 
Queensland cha uvinism, and his 
intolerance — of unions, of pro- 
test; of Sodalists and much 
else. 

Yet the prime ministership 
Is exactly what Sir Joh is now 
going for. 

The campaign is provoking 
sober reflection because of the 
extraordinary parallels with the 
emergence of Mr Ronald 
Reagan as President of the US. 

Uke Mr Reagan, Sir Joh has 
a powerful base in an Important 
state, a close circle of advisers 
in business and political life, 
and a deep pool of funds — put 
at more than Af25m — to build 
support and conduct polls. 

Just as important, he has a 
potent if emotive message, 
centred on a flat tax of 25 per 
cent 

He has set about the destruc- 
tion of the opposition coalition, 
taking on the very partnership 

which hlgfArir-nlly has given 

Australia's conservative forces 
a grip on power. 

Not only has this antagonised 
the traditional Liberal estab- 
lishment, it has also yielded 



Bjelke-Petersen: strong on populist appeal, weak on detail. 


precious few pronouncements 
of support from the established 
business community. 

Another complication for Sir 
Joh is that the numbers needed 
for a successful campaign do 
not add up. In the 148-seat 
house of representatives, the 
lower chamber of Parliament 
where governments are made 
and broken, the Nationals 
currently have 21 MPs and 
the Liberals 45. 

To become Prime Minister, 
Sir Job’s party would need to 
win another 17 seats in order 
to secure ascendancy in a 
coalition, and 75 for him to 
win in his own right. 

As last weekend's perform- 
ance in the Northern terrltoiy 
state election indicated, this 
seems- near-impossible at the 
moment. Sir Joh's Nationals 
failed to secure a seat in a con- 
test he described as a litmus 
test of support. But he insists 
he is still "on track.” He is 
close to splitting the Queens- 
land National Party MPs in 
Canberra and may force the 
resignation of a humbled Hr 
Ian Sinclair, the party's federal 
leader. 

Now Sir Joh’s less than flaw- 
less record in governing Queens- 
land is coming under attack, 
from the liberal Party and 
others. 


In particular, they have been 
drawing attention to excesses in 
government spending, budget 
deficits and public sector debt, 
and to Queensland's relatively 
poor performance in economic 
growth and unemployment com- 
pared with other states. 

Given all this, the Labor 
Party can scarcely conceal its 
glee. Having moved a long way 
from traditional positions to 
capture Australia’s central pol- 
itical ground, it has suddenly 
found the opposition helpfully 
redefining "the Right” 

Sir Joh is a formidable 
opponent and Labor has a 
serious political problem on its 
hands — so much so that some 
activists believe Mr Hawke 
should go to the country now, 
before a planned May mini- 
budget and while the opposition 
is split 

Mr Hawke has kept that 
option open; but be is currently 
looking to March 1988, when the 
next round of measures ought to 
have had a positive impact. 

The trouble is, none of this is 
certain. Ministers, knowing the 
problems and the solutions, are 
having to tell Australians that a 
resumption of growth will not 
occur without turning round the 
balance of payments, and that 
they must suffer further fella in 
their standards of living. 


City scandals and the law 


Putting the case for a 
fifth amendment 


By Anthony WoUenberg 


THE RECENT SPATE of 
appointments of company in- 
spectors by the Department of 
Trade and Industry has brought 
into sharp focus areas of the law 
about which there is much 
mystique and perhaps a little 
diffidence dissent among 
those most directly affected. 

These are: the precise nature 
of proceedings before such 
inspectors; the rights of wit- 
nesses called to give evidence 
to them; and the extent to 
which established procedures in 
criminal law investigations are, 
or ought to be. incorporated 
into parts of Companies Act 
legislation designed to bridge 
the gap between civil and 
criminal law. 

How is one to reconcile the 
right to refuse to answer ques- 
tions — so clearly enshrined in 
the criminal law — with the very 
limited circumstances in which 
a witness will, in practice, feel 
able to rely upon such a right 
before inspectors ? Any refusal 
to answer inspectors’ questions 
can be certified to the court 
which may treat it as contempt 
The principles upon which the 
court would recognise the wit- 
ness's right to silence (whether 
on grounds of potential self- 
incrimination or otherwise) are 
not set out In the legislation, 
nor have there been any useful 
judicial rulings on the subject 

Presumably the courts would 
give maximum effect to the 
wide powers intended by parlia- 
ment to be given to Inspectors. 
Thus a paramount consideration 
would be the risk of inspections 
grinding to a halt if the right 
to silence were to gain general 
acceptance in this forum. 

Although evidence given to 
Inspectors, whether on oath or 
not, is admissible in subsequent 
criminal proceedings against a 
witness, there is no obligation 
on inspectors to administer a 
caution to a witness before he 
testifies. This represents a 
dear departure from the rules 
of natural justice and civil 
rights. Who then are the 
people selected to wield these 
apparently draconian powers. 
Inflicting burdens upon a wit- 
ness far in excess of those to 
which an alleged child strangler 
might he subjected during a 


police investigation? 

The department ensures that 
the team consists of two per- 
sons eminently qualified to 
carry out their fact-finding mis- 
sion. It will usually comprise 
a QC and a senior accountant 
although occasionally, a senior 
partner of a stockbroking firm 
may he appointed. 

Inspectors are briefed on the 
need to act fairly at all times. 
In general terms this requires 
them to give reasonable notice 
to a witness of the requirement 
to attend a hearing and of the 
subjects to be discussed. The 
witness will also be given an 
opportunity to read a transcript 
of his evidence which he may, 
for example, wish to dari^/ in 
subsequent correspondence. 

Since the function of 
inspectors is not to conduct a 
trial but simply to ascertain the 
facts, it follows that there is 
no appeal against their findings. 
However where inspectors are 
minded to criticise an individual 
he will be given a fair 
opportunity to contradict the 
evidence against him either in 
writing or by further appear- 
ance before the inspectors. 

As Mr Michael Howard, the 
Corporate and Consumer Affairs 
Minister, stated recently 
the department invites in- 
spectors to advise it, at any 
time during the course of an 
investigation, of suspected 
offences under the Companies 
Art. That in turn could lead 
to police inquries in tandem 
with the inspectors’ investiga- 
tions. However, inspectors’ 
preliminary adverse views may 
not always accord with their 
final assessment 

Although their role is a 
fact-finding one, their duty to 
report suspected offences puts 
them under pressure to make 
difficult Interpretations of 
complex provisions of the 
Companies Act The onerous- 
ness of the task is such that 
they should be given the oppor- 
tunity in all cases to complete 
their report before feeling com- 
pelled by public opinion to 
a referral which may 
prove premature. 

There Is for example the 
much publicised exception to 
section 151 (which has featured 


heavily in the Guinness saga) 
which renders lawful in certain 
circumstances the provision by 
a company of financial assis- 
tance for the purchase of its 
own shares. In deciding whether 
to refer a suspected offence the 
inspectors will inevitably be 
performing a quasi-judicial 
function, often based on their 
interpretation of untested legis- 
lation and the motivation of 
those who may, in good faith, 
have considered their actions 
to be in the best interest of a 
company. 

In the Guinness case inspec- 
tors will have to exercise similar 
judicial thinking in relation to 
possible breaches of sections 204 
to 210 of the Companies Act 
1985 which make it an offence 
for persons to act in concert 
with others in acquiring shares 
in a quoted company without 
disclosing that fact formally to 
the company. 

The inspectors will therefore 
be concerned not only with the 
precise nature of agreements or 
understandings relating to the 
purchase of Guinness shares 
but also with the question of 
whether there was an express 
or implied understanding impos- 
ing obligations or restrictions 
with respect to the use, reten- 
tion or disposal of those shares. 

While instances of complaints 
of abuse of powers by inspec- 
tors are extremely rare — and 
where allegedly the inspectors 
have usually been vindicated by 
the courts — there must never 
the less be scope for Improve- 
ment in a system which in some 
respects appears to overlook 
fundamental safeguards of an 
individual’s basic civil liberties. 

The interests of justice dic- 
tate not only that there should 
be an effective system for 
eliciting the facts but also that 
individuals should he made 
aware of and provided with 
certain fundamental protec- 
tions. 

The system should ensure 
less equivocally than at present 
that the inspectors' function 
and report can In no circum- 
stances derogate from or pre- 
empt the vital role to be per- 
formed by a judge and jury. 

The author ie senior partners 
Raklaona. solicitors. 


three- 
:ech> 
i left 
: ires 
it. the 

rtom-r 

:2iHer. 

China 

FWih 

»'« 

■hesiav 

2*!aS 

eases 

asww 

3IT.2K- 

irrtbii 

5. 


.-.jr 

m ’ "■* 

' 1 "" U- 

r “•*> 


- ' * , 

! . 


l.' 


Expected 

largesse 


From the Director, 

Child Poverty Action Group. 

Sir,- — Samuel Brfttan*s sup- 
port (March 5) for directing 
the bulk of the Chancellor's 
expected fiscal largesse to lower 
income groups rather than into 
cuts in the baric tax rote is 
welcome. We would, however, 
-j. take exception to some of the 
* points be ma kes . 

He argues that “no poverty 
lobby worth Its name should 
regret a cut from 60 to 50 
per cent In the top ma rgin al 
income tax rate.” Such a cut 
would east about £350m in a 
full year. When we are con- 
stantly being told that no extra 
resources are available to Im- 
prove the position of, for ex- 
ample, those on supplementary 
benefit, it is difficult to see 
why the poverty lobby should 
s u pport the diversion of yet 
more resources to the very 
highest paid. The argument that 
the recent increase in th® tax 
share of the highest paid tea 
direct result of cuts in the 
hffibei rates is far from proven, 
as the Financial Times’ Econo- 
mics Correspondent pointed out 
(January 19). 

We share Mr Britten’s desire 
jn for Improvements in social 
security benefits, including sup- 
plementary benefit— in particu- 
lar, to help families with chil- 
dren and the long-term unem- 
ployed. But with regard to work- 
ing families, an increase in child 
benefit should be th e fir st 
priority. Family income supple- 
ment is claimed by only half 
of those eligible and the more 
it is increased, foe harder it 
bewmwi to dig the poor out of 
the poverty trap. 

Taxing child benefit unde r 
the present Income tax system 
does not make sense as it means 
taxing It back from the very 
low income families that Mr 
Brittan wants to help. The 
revenue from simply tyring tt 
for higher rate taxpayers would 
be tp 1 **™!- . 

Unfortunately, such questions 
as bow best to heln poorfejnir 
lies are unlikely to be exercising 
the Chancellor's mind at pro- 
sent It is nevertheless worth 
reminding him that for the price 
of lp off the baric rate, which 
would provide 41p a week for 
a family on half-average earn- 
ings. child benefit and the sup- 
plementary benefit childrens 
gene rates could be incre ased 
bv £2, providing an extra *4 a 
week for a two-chOd family. 

Ruth Lister, 

2-5 Both Street, ECL 

Civil service 
pay 

From the General Secretary, 
Inland Revenue Staff Federation 
Sir,— Your Labour Correspon- 
$ dent’s report (March 9) COUW 
give the wrong impressmo that 


Letters to the Editor 


all of the other civil service 
unions are ” planning to criti- 
cise radical pay agreement 
readied provisionally last week 
by the Treasury and the 
Institution of Professional Civil 
Servants.” 

That is not so. This federa- 
tion's executive committee 
decided on March 6 that it is 
neitiier essential nor relevant 
to consider either the advan- 
tages or the disadvantages of 
the new flexible pay system. The 
Treasury’s letter of March 8 to 
the council of civil service 
unions does not require ns to 
do that— moreover to do so 
could run the risk of damage 
to the pay claim and campaign 
on which we have embarked 
with three other unions. 

On the other hand, summarily 
to reject now the flexible pay 
system as a possible way for- 
ward in the future, without any 
serious examination at all, 
would similarly be irresponsible. 
We shall therefore allow It to 
lie on the table until April 1987 
pay is resolved. We neither 
advocate nor oppose what IPGS 
has done. 

Tony Christopher. 

231 Vau xh dU Bridge Rood, SW1. 

No initial 
problems 

From Mr T. Williams 
Sir. — Re the item in Men and 
Matters (March 6) headed 
“Initial problems,” there are 
still those who have not suc- 
cumbed to abbreviation albeit 
it would probably be impossible. 
I speak in ttii« instance of The 
Water of Ayr and Tam 
O’Shanter Hone Works Ltd, 
Mauchline, Ayrshire. 

Try saying that one quickly 
after a few drams. 

T. P. Williams. 

17, Holstein Avenue ; 

W eybridge, Surrey. 

Poisonous 

Daphne 

From Mr J. Constable 
Sir, — Arthur Hellyer (March 
7) retails that “ one berry from 
Daphne Mezerenm will put 
even the most liverhardened 
drinker off his cocktails.” I 
can only hope that some nodi- 
cal practitioner will quickly 
inform readers of the 
extremely poisonous nature of 
the seeds. My own injudicious 
experiment may, meanwhile, be 
an adequate warning. 

I was intrigued by the 
attraction of these seeds for 
which greenfinches would visit 
our garden annually, wait a 
few days for them to achieve 
perfection and then disappear 
for a year. I tried one of the J 
tiny kernels and within seconds 


my mouth and tongue were 
numbed and within minutes 
the skin was blistered and peel- 
ing. How the gut of the finch 
resists this intensively corro- 
sive seed and what its deep 
attraction is I cannot guess; 
perhaps some other reader can 
enlighten me. I hope however 
that no one is tempted by your 
article to experiment on him- 
self. 

John Constable. 

14, Church Street, 

Penhore, Wares. 

Front running 
role 

From Kate Mortimer 

Sir,-— Lex on March 7 had an 
accurate but incomplete account 
of the SIB’s draft rule on H front 
r unning .” The rule in question 
does permit purchases ahead of 
a 11 buy” recommendation If a 
firm reason to believe that 
the recommendation would 
result in its customers coming 
forward with so many buy 
orders that the firm would have 
to go out and itself buy more 
of the investment concerned. 
The reason for includin g thi s 
permission was to meet repre- 
sentations that a firm with an 
influential analyst who recom- 
mends an infrequently traded 
or closely held stock would look 
pretty silly if it could not then 
supply the stock. If the analyst 
was an unknown or if the stock 
could readily be acquired to 
meet demand, the firm would 
not be Justified in front-run- 
ning. 

But the important point 
omitted from Lex’s description 
is the paragraph [(7)] of the 
rule, which says that whenever 
a firm takes advantage of the 
permission to front run its 
research results, it must tell its 
customers that It has done so. 
This disclosure requirement 
will, we hope, temper firms* 
desire to interpret the rule too 
flexibly and alert customers to 
the possibility of some bargain- 
ing if they decide to accept the 
recommendation. Firms with 
no market making or dealing 
areas, and firms who choose not 
to front run in the permitted 
circumstances, will no doubt 
find some marketing capital can 
be made out of the fact that 
their rivals have to make such 
disclosures. . ... 

As to "integrated securities 
houses” making a practice of 
demanding that market make rs 
receive advance notice of 
analysts' recommendations, if 
such demands are in fact met, 
the houses concerned will be 
obliged by the SIB’s role to tril 
their customers that peir 
analysts work on behalf of the 
firm and not the customers. 
Their resarch results will have 

to be accompanied by a state- 


ment that they “ may have been 
acted on by the firm for its own 
purposes and the results [of the 
research and analysis] axe 
being made available to the 
firm’s customers only incident- 
ally." The customers will doubt- 
less draw their own conclusions 
for their own purposes. 

Kate Mortimer. 

Securities and Investments 
Board, 

3, Royal Exchange Buildings, 
EC3. 

The secret history 
of Procopious 

From the President, 

Emergency International 

Sir,— Justinian’s cute, self- 
addressed, birthday tribute 
(March 2) is laudable in its ex- 
pressed sentiment that we 
should look back to the Byzan- 
tine emperor of that name that 
gave us the Corpus Juris. 

Your writer falls to mention 
another ride of the Emperor's 
problems as a chief executive. 
While most students of art his- 
tory recall the Royal Two. Jus- 
tinian and Theodora with 
Attendants, a mosaic they com- 
missioned at Ravenna, the less 
known vituperous account of 
their reign and marriage Is less 
often heard. 

In The Secret history of Pro- 
copious, a vituperous courtier 
claims that Theodora was a 
harlot, and that when con- 
fronted in bed with a lover by 
Justinian, she managed to 
argue her way (dear. Judges 
who disregard what they see. 
never mind what they h ey, are 
poor examples for posterity. 
David A. Bershtein. 

40, Wall Street, 

4 1st Floor. 

New York, NY 10005. 

Interest-free 
VAT loan 

From the Financial Director, 
Dean A Dyball 

Sir,— Readers will he weH 
aware of the loss of 100 per cent 
initial allowances on capital 
investment by Industry. They 
may not be so aware of an actual 
disincentive to investment due 
2a April 1988. 

I refer to a discreet notice by 
the VAT authorities (News 
Release No. U63), that from 
April 1 1988, to comply with 
the EC Sixth Directive, input 
tax on capital goods will be 
reclaims hie over five years. 

If, as we do, you invest 
heavily in plant and equipment, 
it appears you will in effect 
be making an interest free 
medium term loan to the 
Government as a reward for 
your investment. 

This amendment is not sub- 
ject to discussion by Parliament 
but I wonder if any political 
party would care to comment 
as to how this assists Britain’s 
industrial regeneration? 

K_ Macintosh. 

Ocean House, 

New Quay Road, 

Poole, Dorset 


“Which 

computer company 


keeps British industry 



Zenith Data Systems 
desktop and portable PCs, terminals 
and monitors are certainly preferred by 
many of today’s high-flyers in British industry, 
commerce and government. 

And over 150 British universities and colleges, 

Including Oxford, Cambridge and the Open University, depend 
on Zenith’s unique “Computers in Education” programme. 

Now, Zenith products are more widely available 
through a nationwide network of authorised computer 
dealers and systems houses. 

Before you take off on the wrong course —talk to Zenith!- 
Fora colour broadsheet, post the coupon 
or can 0800 4441 24 

The world’s leading manufacturer of PC compatfckss 

data 



TJEMnW 


. systems 

the quiet giant’ /^[//// 




-r<r~r- 


*• V" — «■; '*.■ i v " *•*. ■' V 


I - 



t' 


i 


l 


J' 


v 





20 



electronic 
wire and 
cable 


UJHK IEL 

Telephone: 01-668 1681 Telex: 291308 


FINANCIAL TIMES 


Wednesday March 11 1987 


Baume & Mercier 

GENEVE1830 ; ' r"y-- 

f nrea rfM& aw ta MM *38Cori^ 


Fermenta discloses bigger losses 


BY KEVIN DONE, NORDIC CORRESPONDENT. M STOCKHOLM 


THE FINANCIAL scandal sur- 
rounding Fermenta, the embattled 
Swedish antibiotics and chemicals 
group, deepened further yesterday 
as the company was forced to dis- 
close that its losses for 1388 are now 
estimated to total SKr 500m 
($77.4m) compared with profits of 
SKr 1.5bn forecast as late as the 
end of October. The group warned 
that it would run up further losses 
this year. 

The financial rescue package an- 
nounced in mid-February was now 
insufficient to deal with the compa- 
ny's acute liquidity problems, the 
group told an extraordinary meet- 
ing erf shareholders. 

Mr Bertil Hohnberg, who took 
over officially yesterday as new 
Fermenta executive, the seventh in 
less than a year, said the company 


needed at least SKr 400m in new 
capital during 1987. 

The financial rescue is to be en- 
larged with new concessions from 
die group's main Swedish banks, 
Gotabanfcen, Svenska Handels- 

ha ti I ron, Wnr dhankpn ynd PKbank- 

en in the form of waived interest 
payments totalling SKr 80m. 

These four banks have already 
agreed to provide SKr 116m in new 
loans and to postpone repayment of 
existing loans for up to 12 months. 

Fermenta is also negotiating a 
moratorium on repayments with its 

other Nordic banks, including Kaa- 
saUis-Osake-Pankki of Finland. 
However Mr Beat Sjolin, the new 
Fermenta chairman, said last night 
that the Swedish banks had gone 
along with the rescue package with- 
out insisting on “ nm'W 1 


from the group’s foreign banks, 
chiefly in Italy and the US. 

The company will hold informal 
talks with of America, its 

T pain US Hank , fo Stockholm tO- 
Tu' gkt 

The planned share issue, the oth- 
er major *»k»ment in the rescue 
package; will be enlarged to raise at 
least SKr 250m and as much as SKr 
580m in new equity capital. 

At the same time foe investiga- 
tion of foe web of allegedly fraudu- 
lent transactions surrounding Fer- 
ments has now spread outside 
Swedes and factories lag compa- 
nies abroad” 

Mr Refaat Et-Sayed, foe discred- 
ited former majority shareholder 
end ousted chief executive of Fer- 
menta, is already under investiga- 
tion by foe Stockholm po lic e sus- 


of serious fraud, serious 
_ and breaches 

of the Swedish Companies Act, but 
Mr Ake DankJssan, Fermenta’s 

mam external auditor, said last 
night that "of course Refeat was not 

alone." 

He said foe auditors had previ- 
ously been “duped with false docu- 
ments and false agreements.” He 
said that a number of parties out- 
ride foe company and outside 
Sweden involving lag c o m pa n ie s 
abroad” had helped Mr EHSayed 
and were now also under investiga- 
tion. 

As an impo r tant producer erf balk 
antibiotics, Fermenta has had ex- 
tensive business contacts with a 
number of the world’s leading 
flnri pharmaceuticals 
groups in the US and Europe, 


France, 

UK link 
on arms 
purchases 

By Danrid Housego in Peris 

BRITAIN and France yesterday an- 
nounced potentially far-reaching 
plans for cooperation on arms pur- 
chases and on nuclear issues which 
reinforce foe bilateral links recent- 
ly forged by the two countries' joint 
purchase of Boeing Awacs radar 
aircraft. 

The announcement, nude at the 
dose of a twoday meeting in Paris 
of Mr George Younger, the UK De- 
fence Secretary and Mr Andre Gi- 
raud, his French counterpart, opens 
a new chapter in bilateral defence 
co-operation between the two coun- 
tries, which had drifted apart in re- 
cent years in aims procurement 
It also comes while the prospect 
(rf a US-Soviet accord cm intermedi- 
ate nuclear weapons and with dra- 
ws! of US missiles from Europe in- 
creases pressure on European gov- 
ernments to co-operate on defence. 

The public declaration by Eu- 
rope's two nuclear weapon states 
that they intend to co-oper a te over 
nuclear issues also crosses a new 
thresh old in Anglo-French rela- 
tions. 

Mr Younger and Mr Grand 
agreed to open their respective de- 
fence contracts to bids from each 
other’s defence contractors, so as to 
encourage greater competition and, 
therefore, receive better value from 
their ffofonng budgets. 

They thus have derided to orga- 
nise a series of conferences bring- 
ing together defence officials and 
industrialists which will review foe 
two countries’ defence require- 
ments and identify contract oppor- 
tunities for each other’s defence in- 
dustries. 

Apart from encouraging cross 
purchasing - and hence reducing 
duplication or research and devel- 
opment costs -the aim is to identify 
at an early stage projects for possi- 
ble collaboration. The two govern- 
ments are already discussing the 
joint development of a new air de- 
fence missile for ships. 

The first of the conferences will 
cover equipment for the ground for- 
ces - ami has been tentatively fixed 
for autumn. It is the first time that 
the French, who have traditionally 
discouraged foreign competition in 
domestic defence procurement, 
have taken such a public step to 
open up their market 
It coincides with a difficult period 
for French defence firms, such as 
Dassault, which are suffering from 
slowing export orders, and with 
considerable disappointment in foe 
French defence industry that joint 
projects with West Germany - in- 
cluding the manufacture of tanks 
and helicopters - haw lately born 
little fruit 

Over nuclear issues, Mr Younger 
said the aim was to collaborate on 
all background aspects of the two 
country’s independent national nu- 
clear deterrents. He cited as exam- 
ples foe whole area of arms control, 
tire safety and security of nuclear 
bases and foe strategic environ - 
ment in which the two deterrents 
will have to operate. 



A truck with British number plates befog salvaged from foe wreck of the Hold of Fbee Entebbe. A 
naval mines w ee per steads by to ward off sightsees 

Claims assessors accused of 
exploiting ferry survivors 

BY KEV9V BROWN AND MICHAEL CASSELL M LONDON AM) WHJL DAWKINS IN BRUSSELS 


SURVIVORS of foe Zeebrugge fer- 
ry disaster are being approached by 
freelance risiwm ac w yn w; offering 
immediate cash payments and Mp 

m fo rmnlnting wm pwimii^fn rfainut 

in return for up to 50 per cent of 
eventual payments. 

The Law Society said some of the 
assessors, known in the legal pro- 
fession as "ambulance chasers” 
were “grabbing victims of the disas- 
ter as they got off the plane at Ga- 
twick Airport” 

The society said: “This is ruthless 
exploitation of foe misery of oth- 
ers.” 

Mr David Tench, the Consumers’ 
Association legal adviser said: This 
is deplorable. There is nothing ille- 
gal about what they are doing, but 
people should be strongly urged not 
to have anything to do with them." 

Mr Tench warned survivors and 
relatives not to be taken in by 
riwims that using assessors would 
avoid legal bills. 

They are very expensive, but 


mnph more important they do not 
work according to professional eth- 
ics flwH standards in foe way that 
solicitors do," he said. 

Mr Tench was also critical of ad- 
vertisements placed in national 
newspapers by Townsend Thores- 
en. the operator erf the vehicle ferry 
H erald of Free Enterprise, which 
capsized half a mile from Zee- 
brugge harbour on Friday night 

The advertisements invited survi- 
vors and dependents of victims to 
write to foe company for advice. 

This is well inteutioned, but peo- 
ple should not reply to foe adver- 
tisement; they should go to their 
own solicitor," Mr Tench said. 

This matter is most complex. 
The issues are very important It is 
not just a matter of getting mono'. 
Many of foe survivors will have 
matters of probate and so on to deal 
with as well." 

Mr Tench said solicitors would he 
encouraged to coordinate claims 
through Pannone Napier, the Man- 


chester-based firm of solicitors 
which dealt with claims arising 
from foe Mtnfflwrtw air disas ter 
two years ago. 

In Brussels, Mr Stanley Cfintam 
Davis, foe EEC Transport Commis- 
sioner, said moves to improve the 
safety of vehicle ferries throughout 
the Community would be discussed 
at the next meeting of EEC trans- 
port ministers on March 24. 

Mr Clinton Davis said ministers 
would be asked to con sider action 
on ship specifications, but stressed 
that the Community would not seek 
to pre-empt action by national gov- 
ernments or the International Mari- 
time Organisation, the UN agency 
responsible for safety at sea. 

In Zeebrugge, two barges tarought 
from tiie Netherlands by the Dutch 
salvage company Smit Tak began 
work on pulling foe ferry upright 
This is expected to take three 

The confirmed death toll is 53, 
with 81 people still missing. 


Banks oppose Manila debt proposal 


BY ALEXANDER MCOLL W LONDON 


A NOVEL proposal from the Philip- 
pines to pay part of its debt interest 
in tradeable notes instead of cash 
has run into opposition from the 
country's leading creditor banks. 

Negotiations between Mr Jaime 
Ongpin, the Finance Minister, and 
foe bank advisory committee 
chaired by Manufacturers Hanover 
Trust are to continue in New York 
today. Bankers say they have been 
held in a constructive a t mosp her e 
with both sides keen to negotiate to- 
wards an agreement. 

Nevertheless, banks appear re- 
luctant to bend the principle held 
throughout the 4-tt year developing 
country debt crisis *h*t they should 
be paid interest in full and in cash. 

The plan to offer banks Philip- 
pine Investment Notes (Pins) in 


ptaee of a margin above London in- 
terbank offered rates (labor) - foe 
normal benchmark for interest pay- 
ments - would be a step towards 
capitalisation of interest which 
bankers fear would set a precedent 
for other debtor nations. 

Mr Ongpin has already modified 
the proposal to guarantee that 
banks accepting Pins would receive 
at least the equbateni of %of a per- 
centage point above labor, rather 
than foe % which, under his pi»", 
would be paid to hanks which opted 
to receive cash. 

The offer to buy notes back at foe 
% rate was made in response to con- 
cern exp ressed by the banks that 
the value of foe Pins, which would 
be linked to the Philippines’ debt- 


forequity conversion programme, 
could fell in the secondary market 

Banks’ reluctance, however, ap- 
pears to be broader-based. If they 
reject the Pins plan, a wide gulf is 
likely to open between the two 
sides’ negotiating positions. 

Mr Ongpin h«* insisted that the 
country should not pay interest at 
more than over Libor, and is un- 
der strong political pressure at 
home to come back with a deal 
which would provide this. The 
banks, however, were believed to 
have entered the discussions last 
week with a view that a margin of 
1% over labor would be appropriate. 

Mr Ongpin was in Washington 
yesterday visi tin g US officials as 
well as the International Monetary 
Fund. 


France to 
deregulate 
40% of its 
telecom 
industry 

By Paul Bette and 
Tony Dodsworfo to Parts 

THE FRENCH Government is plan- 
rung to open up to competition 
about 40 per cent (rf the country’s 
te l ecommuni c ations industry, Mr 
Gerard Longuet, the minister for 
posts and fel^vpnmiuiinatimts 
(PIT), said yesterday. 

Mr Longuet ^ legislation to al- 
low the jptf fflHrtinn of pQT n pft titjQfi 
would be drawn np by the end of 
spring and would be pot before 
parliament retiring foe autumn ses- 
sion. 

& aisn confirm ed that exper ts 
from the French tpie m n mw miw- 
tians authority, the Direction G6n- 
grafe d ff S 


of technical tests on telephone ex- 
change e quipment from major tor 
tete C OBmi un iCSti a B S 
groups bidding for control erf CGCT, 
foe troubled state-owned manufac- 
turer. 

American Telephone and Tele- 
graph (AT&T) is currently seen as 
the front runner in the battle for 
control of CGCT and is understood 
to be favoured by Mr Longuet and 
Mr Alain Morfp Kn, foe industry 
minis ter. Howeva*, AT&T is facing 
a strong challenge from Siemens of 
West Germany, Ericsson erf Sweden 
and Northern Telecom, the Canadi- 
an group. 

Mr Longuet said a decision on 
CGCTs future would be taken by 
April 30 mid emphasised the im- 
portance of bringing In a large for- 
eign supplier to encourage compete 
tion in the French market The win- 
ner of the battle for control erf 
CGCT will gain an initial 16 per 
cent stake to the French public 
switch market which, with 24m tele- 
phone subscribers, is the third larg- 
est to the world and (me of the most 
technically advanced. 

The decision to deregulate the te- 
lecommunications sector has split 
the French administration the 
DGT, but Mr Longuet stressed the 
determination of foe Government 
to push ahead with gradual Liberali- 
sation of its near-monopoly. 

At present about 90 per cent of te- 
lecommunications services in 
France are controlled by the DGT. 
The Government plans to open up 
mTnp u iit h m m radio-telephone ser- 
vices, advanced value added net- 
works tailored for business users, 
call boxes, cable services and satel- 
lite transmission. 

Mr Longuet acknowledged that 
the deregulation of value added net- 
works had been delayed but said 
they would be opened to competi- 
tion in coming mon t hs . A special 
decree is expected to be issued by 
the autumn to enable these services 
to go ahead. IBM in partnership 
with Paribas, the French bank, and 
Olivetti of Italy with foe French Su- 
ez financial group are already plan- 
ning to offer services in the value 
added network field. 

One of the difficulties of liberalis- 
ing value added network services 
was to ensure that the DGT would 
not be squeezed out too quickly 
from its profitable special business 
service market, whitib helps to sub- 
sidise general public telephone ser- 
vices, Mr Longuet explained. These 
special services currently account 
for about FFr 4bn (S648m) in annual 
revenues for foe DGT and involve 
about 350,000 subscribers. Mr Lon- 
guet suggested that it was neces- 
sary to implement a gradual tran- 
sition from tire monopoly structure 
to an open market system for vahie 
added networks. 

Mr Longu et said his liberal poli- 
cies as PIT minister would be 
judged by foe degree of competition 
which will have been achieved in 
French telecommunications by the 
next presidential elections, sched- 
uled for May 1986. Mr Longuet has 
often been criticised for failing to 
put into practice his open market 
rhetoric. 

Mr Jacques Chirac, foe Prime 
Minister, has appeared anrimic to 
[day down reform of foe DGT to 
avoid foe risk of a polit ically dam- 
aging conflict With PIT liwinnc and 
public employees. 


World Weather 




•c 

•F 



*t 

"F 



•c 

•F 


-c 

•r 

se 

s 

12 

M 

Mm* 

S 

2 

38 

■ta 

8 

a 

48 

Mt 

F 1 

48 

c 

17 

53 

GftM* 

f 

4 

a 

Itatadr 

6 

4 

39 

to* Si 

C 31 

89 


s 

4 

39 


T 

H 

M 

MaM 

S 

33 

81 


8 8 

48 

Mm 

s 

a 

« 

Fknsn 

S 

1 

U 


F 

17 

83 


si i 

34 

BM 

s 

25 

17 

FmUm 

S 

3 

31 

MnaBt 

1 

24 

75 

SbFmou F 11 

52 

6m 0 ok 

s 

33 

91 

twM 

s 

13 

B 

MM 

S 

15 

59 

Srt 

■ B 

43 


f 

11 

52 


G 

5 

32 

life 

F 

3 

31 

as 

F 31 

98 

feta 

c 

15 

sa 

an 

S 

19 

56 

Maul 

S 

•38 

-4 

S 8 

32 

Us 

c 

4 

39 

Stagw 

F 

4 

a 

IkRV 

s 

-3 

27 

6taMg 

S 3 

37 

sr 

s 

-4 

a 

Ennaf 

S 

6 

43 

Mart 

s 

>1 

38 

Srtar 

C 28 

68 

i 

1 

M 

MUM 

c 

-1 

3D 

U* 

f 

25 

V 

Tan 

C 19 

98 

Haiku 

c 

13 

55 

Lb* 

G 

2B 

19 

Mb 


s 

41 

tata 

S 18 

94 

ton** 

s 

IS 

54 

1 *M 

S 

1 

34 

Rub 

t 

II 

55 

Hto 

C 13 

55 

Mac 

c 

U 

55 


s 

4 

38 

MmtDSM 

s 

21 

79 

M 

8 29 

79 

Brea* 

s 

4 

33 

IMS 

c 

7t 

HI 

MM 

c 

-B 

IB 

T*a 

S 9 

48 

*** 

SB 

A 

39 

MS 

to 

1 

34 

*a 

s 

if 

52 

tart 

S -15 

s 

LAm 

1 

15 

54 

Jrta 

B 

31 

n 

Muni 

a 

11 

52 

Trt 

1 12 

H 

On 

f 

16 

(1 

am 

S 

S 

43 

tort 

6 

IB 

61 

tak 

B IS 

5fi 

CvTm 

c 

H 

75 

JDteg 

F 

24 

75 

Ub 

S 

-4 

25 

Mb 

S 4 

» 

fern 

c 

a 

« 

lm 

S 

a 

79 

Paw 

s 

5 

41 

tta* 

St -3 

22 

fiuttaa 

s 

19 

SB 

lata 

C 

ii 

11 

MU 

- 

— 

_ 

Wen 

5 -3 

71 

P*ta 

to 

-8 

21 

lta» 

s 

B 

43 

n*ta 

f 

-J 

38 

HnfcuM 

F -4 

25 


s 

S 

41 

laifcpta 

s 

11 

a 

BrtM 

F 

7 

<5 

Zta* 

S -1 

38 

temkem 

Cot! 

s 

c 

0 

4 

32 

39 

Irntaan 

Matt 

s 

F 

2 

16 

38 

61 

ftwtojt *m*s pmtfi 



Mb 

MM 

c 

f 

5 

S 

41 

41 

Mtan 

C 

s 

14 

23 

57 

n 

HJoUr O-OriaM fr-fcq H-M Ha 

S-Son St-Slta Sa-SaowT-TtaMr 


Narrow victory for Haughey 


Continued from Page 1 

Dr Garret RtzGerald, the outgo- 

ing Prime Minister, ami l e a der of 
Fine Gael, whose 51 deputies voted 

against Mr Haughey, immediately 

pledged not to oppose foe inco min g 

minority government if it took foe 

"necessary action” to reduce foe 

country’s 19 per cent unemploy- 
ment, its high fa***>« dirt 

not add to foe £24m (538m) national 
debt 

Mr Haughey, whose most urgent 
task is to introduce a budget wifoin 
a month to tackle the faltering 

economy, said he would be grateful 

for such support. 

In his Cabinet announced last 

night, Mr Haughey appointed Mr 

Brian Lenihan as Deputy Prime 
Minister and Ministe r of Foreign 
Affairs, a duty which carries the eo- 


chafananship of the Anglo-Irish 

ministerial conference. A long-time 

dose associate of Mr Haughey, Mr 

Lenihan tun been in every Ffenna 

Fail Cabinet since 1964 and was 

Minister of Foreign Affairs be- 
tween 1979 and 198L 

His attitude towards the Anglo-Ir- 
ish agreement has been broadly the 
fflgift as Mr Haugbey's, expressing 

reservations about concessions it 

makes to foe Unionist majority, but 

saying it should be operated for any 

gains it can bring to foe nationalist 
minority. 

Mr Bay MacSharry returns to the 
key position of Minister of Finance, 

a post be held in foe last short-lived 

Wanna Fail Government of 1982 

which made some attempts to con- 

trol the already serious imbalances 


in public finances. 

The Department of Industry and 
Commerce, with responsibility for 
the key area of inward investment, 

goes to Mr Albert Reynolds who 

has held foe post before. 

Mr Haughey said he intended to 

appoint a junior minister responsi- 

ble for European Community Af- 
fairs. He will also reorganise a 
number of Government depart- 
ments to give extra impetus to 
wealth and employment goru^tio n 

in sectors such as marine resources 

and tourism. 

With Fine Gael and the new Pro- 

gressive Democratic Party likely to 
support foe tough economic mea- 

sures hinted at by Mr Haughey, the 
new Government should be secure 
for some months. 



THE LEX COLUMN 

Tesco checks 



Hillards has for years been foe 
subject of rumours that the likes of 
Tesco would fed for it ft is to be 
hoped that it was such tittle-tattle, 
rather than inside information, 
which caused foe share price to 
jump by 17 per cent ova 1 the past 
fortnight 

The terms of the offer, about 23 
times Hillards' prospective earn- 
ings, and the complete absence of 
any criticism of the target company 
in foe announcement su gge sts that 
Tesco hopes for speedy agreement 

Yet the Hartley family, which 
speaks for about a quarter of the eq- 
uity, is determined to keep the flag 
of independence frying over Cleck- 
heatan, West Yorkshire. And major 
jrfwwhnHdfit such as die Pm 
the Pearl axe less then ever of a 
mind to hand over well run region- 
ally based companies to interk^iers 

from the south-east. 

So Tesco may need to offer even 
more money to such high 

principled objections. That would 
not be too hard for Tesco, since foe 
terms enrrentiy at the check-out do 
not involve any dilution for the bid- 
der, even before the benefits of inte- 



pace of balance-sheet growth were 
to foe issue remains open 

to questions about the possibility of 


Those benefits - consisting chief- 
ly of p oshing more sales through 
foe Hillar ds outlets - are so indis- 
putable it is difficult to imagine 
Hillards remaining independent at 
the rad of any rational bargaming 
process. 

Despite a national share of about 
13 per cent, Tesco has a foothold of 
only 3.5 pa cent in Yorkshire. Ac- 
quisition (rf Hillar ds would push 
Tesco’s share of foe Yorkshire mar- 
ket up to 10 per cent - enough to 
make a lot erf sense, but surely not 
so much as to fadnep tiie OFT to 
refer the matter to foe Monopolies 

r^wmnigRinn. 

Imro 

The first of the seif-regulatory or- 
ganicitioTts, flint for the investment 
managers (Imro), to come up with 
rules under foe Financial Services 
Act, has done an admirable job. On- 
}y an farh thick, though not yet 
complete, the rules add to the S 3B*s 
own and are far easier to read. By 
and large they make good sense 
and reflect the best existing prac- 
tices. 

Unfortunately, investor protec-' 
tfon is not just a matter of getting 


the rules right Bfrst, there are 
areas where subjective J udgme nts 
win inevitably have to be made, and 
they always open tire way to argu- 
ments. 

A member of Imro win not be al- 
lowed to deal, unless ordered to, in 
an Investment which is unsuitable 
for a particular client Suitability is 
a matter of opinion and can change 
overtime. 

Best execution can also prove dif- 
ficult to define - what is. the best 
{vice In Id at a particular moment 
whoa 19 market-makers axe com- 
peting in di ffere n t axes? And any- 
way under Imro rules managers 
can justify dealing at less than the 
best price on one transaction if foey 
make it up somehow on later ones. 

At least subjectivity will aid boro 
In its assessment at fit and proper 
persons. Abiding by the rules is on- 
fy one of five criteria for judging. 

The other problem is policing - 
which the old Department of Trade 
and Industry system was so bad at 
Will Imro have sufficient funds ef- 
fectively to monitor its members’ 
activities? With only a one in five 
charre (rf a spot check in any year, 
a determined croak will still be able 
to wrest money from tools. - 

Hongkong Bank 

Righto issues with no specific use 
for the funds are often a provoca- 
tion to shareholders, and in the 
case o f Hongkong and Shanghai's 
HKS3.Sbn offering a touch of mys- 
tery seems to have done predictable 
damage. Partly justified on tiie 
grounds that Hongkong ’s capital ra- 
tios have not been improving, and 
would deteriorate further if the 


Enterprise Oil pic 


Merger of Oil and Gas Interests of 
Imperial Chemical Industries PLC 
into 

Enterprise Oil pic 


The undersigned acted as f inancial advisers to 
Enterprise Oil pk in this transaction* 


S.G.Warburg & Co. Ltd. 


Shearson Lehman . 
Brothers International 


January 1987 


4 


Despite the cold water t h at Hong - 
kong poured yesterday on th o ughts 
of buying a bank hi Europe - “ex- 
pensive and not teribfy profitable^ 
- there were still some takers tor 
the idea though the very modest 
movement in tire shares, of Royal 
Bank of Scotland suggests that foe 
embos of that old affair are add. 
Less unlikely, if still an outside 
chance, a move to mop up foe mi- 
nority in Marine Midland lo ok s 
about as good an investment as any 
overseas bank has made in foe US.' 
At current prices, foe rights pn> 
ceeds would just about stretch to 
buying but the minority for cash 
though with nothing over for bid 
premium. And there could be worse 
uses for the money. 

BBA 

By foe thinnest of margins, BBA 
has at last managed to scrape dear 
of last year's righto issue; at 191p, 
upl&p on yesterday’s figures, re- 
spectability seems within sight. 
Having taken the opportunity of 
last autumn’s dark bom* for the UK 
surfer industry, to drop 17 per cent, 
of the Automotive Products labour 
force into a pr e a cquisition adjust-' 
ment, BBA now stands in a position 

to force decent volume growth 
through a giTwimari down facility. 

" So the outlook for 1987 is for a 
fairly remarkable leap in profits; 
£6m of redundancies, and the re- 
daction in working capital achieved 
by moving to just-in-time methods 
will probably buy £Bm at cost-re- 
duction this year, in AP alone. : 

Since there should also be prog- 
ress in BBA’s existing ba dne sse s , it 
is almost impossible to see pre-tax 
profits adding up to less than £40m, 
and the rise in UK profits wifi also 
make for a much lower tax charge 
as tax losses come into play. It is 

jwntfiw matter Jq what heS 

ahead in 1988, when the chances of 
further growth in the international 
vehicle build must be rather dim; 
the need for an acquisition to keep 
the earnings going may by then be 
presang hard. Just as well that the - 
market cppwu^ a little the 

odds, to be giving BRA’s paper a 
second chance. 


ft 


ft 


• -*/ 





i 








.£*?& 
J 5 Ova. *JR 

*** Jldhejj 


»'S?5 * 

rigs 

., _ ^-3 Ss 

• ^tsn 
“i~:-3 »i jf'-t 

HuCjj-jU 

■•7-is.a^ 

iSOS-Cf/fa 

■*• shk*.. 


,Tr ■*• ipite. 

/.-'■^ aa, 

- *^*5 i£afe 

iSKi*. 

L : " ? - *4 
sa & ft 

f * s F-£«ss> 

ur. c; 5 ^ 

“-*■ 

: HS s ^- 

■.*■.-* -» ss®- 
7/ *«39 

l.‘ : ‘« :a “ ? 


• -■-• :.- JSi 
1 • ”1 

-: :s; 


Major US Imtitution 

Swiss Sales 

£ Highly Negotiable 

The merchant hanking arm of a major US 
commercial bank currently requires 2 experi- 
enc *d Eurobond Sales people to cover prime 
accounts in Switzerland. 

Candidates should have a mmiranm of 18 

sooaAat sales experience within die Swiss sector 
and should currently week for an established 
house. The ability to demonstrate a successful 
track record is a prerequisite. Swiss nationality 
would be a major advantage, howe ve r t his is 
not ess ential. 

Interested parties s hould m nfart Sally 
Popp^econ or Andrew Stewart on: 01-404 
5751, or writs to them. at: Michael Page City, 
39-41 Parker Street, London WC2B 5LH. 


International Recr uitm ent Consultants 
. London Brussels Newibric F^ris Sydney 

A mender of Addsoa Consultancy Group FIG 


CAPITAL MARKETS 
EXECUTIVES 

£25, 000^540, OOO 

There is currently a high demand for young 
investment h anke r* with at least two years 5 
transactional exp eri ence. Opportunities exist 
for 

★ ORIGINATION OFFICERS with 

cbcumentation/mazketmg experience in 
either Europe or North America. 

★ PRODUCT SPECIALISTS with a 
background in - Bond Research/Product 
development, ideally with prior exposure to 
Swaps. 

Excellent remuneration packages are available 
dependent upon age and experience. 

Please contact Stuart Clifford (who can be 
contacted outside office hours on 834-1832) or 
Christopher Lawless. 

TRADED OPTIONS 

c. £25,000 + Bens 

As a result of increased Traded Options activity, 
we have been, retained by a. leading City 
stockbroker to reermt an experienced trader to 
iq tpplwwntthftr existing Mwi- 
AppUcants should demonstrate a minimum of 
12 months Options experience, combined with a 
general background inIJK.eqixmes, i 
A highly competitive salary padcageis available. 
Please contact Hilary Douglas. •• 


thf aw uBMtwwumwwrawoiAUSTa 

1 S 18 ICWBRDGESTREEr,BLACi(IWARaLO»IDONEC«. 
TELEPHONE; OI -063 0073 


Where Britain has a business lead in Europe 


ity 

sul tants 

i Sydney 
Group FLC 


LET US HEAR no more mean- 
ings that the UK has lost all 
claims to commercial leadership 
in western Europe. 

An extensive survey just 
made by the Swiss-based Con- 
suite* company has found that 
there is one business sector in 
which Britain has a big lead 
over Continental countries. In- 
deed. the UK is so far ahead 
that last year it provided almost 
four in every five of the whole 
European sector’s customers 
and nearly three-fifths of Its 
earnings. 

The only trouble is that the 
business in question consists of 
charging fees for helping 
sacked people to find new jobs. 

How the so-called outplace- 
ment counselling business has 
developed in Europe is shown 
by the accompanying table 
drawn from the survey report, 
which of course gives much 
more information than I have 
room for here. Anyone want- 
ing further details should con- 
tact Consuttez’s chief. Andrew 
Sundberg. at 157 Route du 
Grand Lancy, 1213 Onex, 
Geneva, Switzerland: telephone 
<022) 921650, telex 23804 Exco 
Gh, 

Outplacement counselling evi- 
dently originated in the US 
during tbe 1960s and. as 
readers can see, made its first 
landfall on this side of the 
Atlantic in the UK in 1971. 
Within two years it had a foot- 
hold in France. Then another 
half decade passed before it 
spread to other Continental 


1971 

14 

18.740 

980 

20J00 

2,100 

1973 

12 

4.793 



2£S0 

1,280 

1978 

4 

2AS0 


ISO 

582 

1978 

3 

754 

— 


333 

1979 

3 

792 


50 

122 

1980 

5 

1,354 


177 

171 

1982 

9 

1,184 


201 

294 

1984 

2 

17 

— 


10 

1984 

1 

17 

— 

_ 

10 

1971 

55 

32353 

980 

24,128 

4J04 


Hrstjrr Number of Total a B4 
business companies turnover 
Country appeared in 1980 (fOOOs) 


UK 

Fiance 

Netherlands 

Scandinavia 

W Germany 

Switzerland 

Belgium 

Italy 

Spain 

ah 


nations where, with the excep- 
tion of Belgium, it has developed 
fairly slowly. 

Today, according to the 
survey, France has 12 outplace- 
ment companies compared with 
Britain’s 18. In terms of the 
size of the combined business 
done by those companies, how- 
ever, the UK is far more 
advanced with a 1986 turnover 
approaching £19m as against 
nearly £7m. 

The reason is that the market 
for counselling services in 
Britain is not only greater in 
size than it is elsewhere in 
Europe, but also different in 
shape. 

hi all the Continental coun- 
tries the fees for the services 
are paid by employing organi- 
sations which have sent along 
unwanted men and women for 
counselling either as Indivi- 
duals or in groups. In the UK, 
however, a good many of the 


BY MICHAEL DIXON 


Ne. of people counselled durint 1986: Among sponsored individuals 
Paid for Sponsored by e x employer Avenge Avenge Avge mths 
selves In groups as Individuals ago pay (£) to find job 


26J00 4.4 

J2JOO 5-0 

30.000+ 4 to 5 

35300 45 

45500 55 

50500 43 

30,000 4 A 

— 5.0 


group counselling is HD 
Associates, run by Patricia 
Dicks from offices by the 
harbour in Christchurch, 
Dorset 

"We might as well- have our 
headquarters in a pleasant 
place because big redundancy 
problems can strike anywhere 
in the country, and when they 
do, we have to go and work 
where the problem is." she 
says. “ For example, when the 
Government closed the Greater 
London Council we had over 
50 foil-tune and part-time con- 
sultants on the site for 10 
weeks dealing with about 4,000 
people. 84 per cent of whom 
had found other jobs before 
we had finished. 

• "The key to onr work is 
getting the timing right. We 
need to go and talk to the 
people affected well before the 
closure or whatever is officially 
announced. Then we systemati- 
cally contact every employer 


customers — 980 last year — pay 
the fees out of their own 
pockets. 

Bulk trade 

But the main explanation for 
the higher turnover in Britain 
lies in the far greater develop- 
ment here of employer- 
financed counselling of groups 
of people, as distinct from 
iudiriduals, about to lose their 
jobs because of a factory 
closure or the like. Of the total 
of 23,780 people who Consultex 
estimates were counselled in 
the UK last year, such group 
customers constituted no fewer 
than 20,700. France, the only 
other country where the “bulk” 
business is significantly deve- 
loped. had 2,850 group 
customers out of a total of 
4,130. 

One British outplacement 
concern winch specialises in 


in the area — every single 
one. After all. even a plumber 
needs a mate. What our consul- 
tantsare particularly good at 
is getting local employers to 
look at people whom they other- 
wise would never have 
considered. 

“We've usually managed to 
arrange for a good majority to 
have another job to go to before 
the axe officially falls. And 
that’s had an effect on the 
organisations imposing the 
redundancies. 

“ At the beginning their top 
managers used to rail us in and 
leave us to it, standing well 
aside from what we were doing 
as though we had BO in some 
terrible way. But now we find 
more and more that the top 
managers want to get involved. 
It’s as though they see handling 
redundancies well as a feather 
in their company cap.” 


Charges 


HD Associates’ fees for group 
outplacement exercises vary 
with circumstances, but usually 
work out at between £50 and 
£100 a head. That contrasts with 
the charges made by counsellors 
who deal with people sent by 
companies on an individual 
b asis . In those cases, the survey 
found that there is a standard 
fee pretty well throughout 
Europe of 15 per cent of the 
person’s salary and other cash 
rewards, plus an administrative 
charge averaging about £670. 

Consultex's conclusion from 
its study is that the market for 


the counsellors’ services will 
continue to expand on this side 
of the Atlantic, with “every 
probability that corporate ex- 
penditure on outplacement 
services will grow much larger." 

But that does not mean con- 
ditions will become easier for 
the counselling concerns. For 
one tiling, it is probable that 
the market will attract sharpen- 
ing competition from "many 
more of the larger established 
consultancy groups.” For 
another, there are a couple of 
ixends emerging especially in 
the UK. France and Switzer- 
land which look likely to put 
the counsellors increasingly on 
their marketing mettle. 

The first is that big employers 
are ceasing to retain a single 
outplacement company to deal 
with all their outcasts. Instead, 
while still meeting the fees, 
they are allowing the redundant 
people to make their own Choice 
of which counsellor to go to. 

The second trend is that com- 
panies are also offering the 
departing staff a choice between 
going on an outplacement pro- 
gramme at the ex-employer’s 
expense, and having an equiva- 
lent cash payment added to 
their normal compensation for 
loss of job. 

"This is only a rare occur- 
rence at present," Consultex 
says. “ but it is not at all 
welcomed by the outplacement 
profession.” From the view- 
point of the individual victim 
of redundancy, however, it is 
surely a very desirable develop- 
ment indeed. 


FLEMINGS 

INVESTMENT 
BANKING MARKETING 

An opportunity has arisen for an energetic execu- 
tive to join Robert Flemings investment banking group. 

The role is to market Robert Fleming s investment 
banking services. This would involve cooperation with, 
and support for; our specialist corporate finance and 
capital markets teams when they market their products 
and services to a wide variety ofUK and internationally 
based companies. 

Experience in arrestment banking and marketing 
would be desirable although not essential for the right 
person. It is unlikely however; that those under the age 
of?.*) ypars will have gained riw ngyessar y maturit y wp 

seek. 

A full salary package commensurate with referent 
experience is available. : - m y' 

Applicants, of either sex, should write enclosing 
thor curriculum vitae to: 

Rank Smith 

ROBERT FLEMING &. CO. LIMITED 

25 Copthall Avenue, London EC2R 7DR 
Telephone: 01 638 5858 


International Fund Management Group 

Administration 

Director 


London 


We have been asked to find an individual to head up 
our Client's City-based Administration Team. Our 
Client is part of a world-wide Group with particularly 
strong affiliations in the Far East A team of 25 people, 
for whom he/she will be responsible, look after all 
aspects of Unit Trusts, systems, portfolio admfoistration 
and settlements. Our Client's operation takes In all 
aspects of international and domestic corporate fund 
management and Unit Trusts. 

The job holder will be expected to work in concert with 
other parts of the Group and there is a travel aspect 

Ideally candidates will be working in the Investment 


to £45,000 +bonus 

area with a Fund Management/Unit Trust Company, 
Merchant Bank, Stockbroker or Insurance Company. 

In addition to the generous salary there will be a sub- 
stantial profit sharing element subsidised mortgage, 
company car etc. 

Please contact in the first instance, quoting ref. 810, 
Keith Fisher at Overton Shirley & Barry, Prince 
Rupert House, 64 Queen Street, London EC4R 1AD. 
Tel (01)2480355. 


BnBSNAIXXiALSeABmANDSSUCT*JNCONSUnANt5 


The Ecco Group 

Wishes to announce the opening of a 

Rnnlring j»nH Pni^nrial Appointments Division. 

This specialised area will be under the m an ag eme nt of 
Peter Lafham and will deal with all aspects of 

recruitment on JtehaZfafMerchant and International Banks. 
Oar current assignments indude the following: 


Several ofourdients require A.C*A’s 
or Solicitors to join their teams dealing 
with a full range of Corporate Finance 
activities. Candidates will be aged mid 

20 ’s and have attained first time passes 
coupled with a minimum 2/1 Degree. 

INTERNAL 

AUDIT 

Two leading Accepting Houses wish to 
augment their Internal Audit 
Department by the recruitment of 
mSified A-OAVA-C-OA’s. There 
will be opportunities to move to other 
divisions within the bank after a 
suitable period. 

tznniTP FINANCE 

nPPAfmtFNT 
A newly qualified A-C^A. or A-C-C-A- 

is required by a Merchant Bank to 

work with fee Chief Accountant 
dealing with management accounts. 

Por the above positions compctrtive 


UNIT TRUST 


Apartly-qualified Accountant is 
required to deal with the administrative 
work associated withUnit Trusts. 
Candidates should have had experience 
ofUnft Trust Investment with a UJC 
Bank or insurance Company. 

PERSONNEL 


An Investment Management Company 
wishes to recruit a Personnel Officer, 
30/40 years ofage, to deal with the 
recruitment of staff and other 
administrative matters. Experience of 
personnel work within an insurance 
environment is essential. 

TT7NIOR INVESTMENT 
FUND MANAGER . 

For this position applicants should be 
Graduates with 2/3 years Investment 
experience, preferably in an analytical 
envi ronmen t; 

AH applications will be treated In tine 

strictest confidence and should be 

addressed to Peter L atham at 
11. East cheap, London EC3M 1BW. 
Telephone: 01-929 4689. 



LEASING J 

instalment 
CREDIT 
★ * 

factoring 

* * 

300+ VACANCIES 

PHONE 0273 738293 

„ ARL 

f (fbuncs recfM»in) 


j 11 Eastcheap, London EC3M 1BN. Tteb 01-929 4689 


JAPANESE EQUITIES 

A Japanese Securities House in London 
REQUIRES AN EXPERIENCED 
JAPANESE EQUITIES SALES PERSON 
Knowledge of the language would be helpful 
Age immaterial. Salary by negotiation 
Haase write, enclosing full cv. In strict confidence tov 
Box A0444. Financial Times 
10 Cannon Street, London EC4P 4BY 




SHIPPING SaVKES LTD 
25 Rue du Simplon 
1806 La u s an ne 
Switzerland 
IS LOOKING FOR 

A COMMODITY 
TRADER 

To join a newly formed trading 
department within a long 
established Shipping Group 
AND ALSO FOR 

A COMPETITIVE 
DRY CARGO 
BROKER 

Swiss working permit essential 

Please send us your full personal 
details and odfc 
Mr Mkheei Gerarfmfdh 
Teh pa 99 22 


Appointments 

Wanted 


ArgHtlaa-Onguy 

FORMER 

GENERAL MANAGER 

European international bank 
with long standing credit 
experience in above area 
h interested In taking up 
representation for foreign bank 

Write Box AM4S, Financial Timas 
TO Cannon St, London BC4P 48Y 


MOTOR TRADE 

Senior Manager and Director with 
extensive experience In retail, 
distribution end importerehipe, is 
ahordy retiring, age 51. interested 

in position as 

NON-EXECUTIVE DIRECTOR 
OR PART-TIME DIRECTOR 
in Motor Vehicle business 
Write Box AD44B, FBtan^glTImos 
10 Cannon St, London EC4P 43Y 


5^. 


mm 

ill 










J. & E. DAVY 


MONEYBROKERS 


As a result of continuing expansion, J & E Davy, seeks to recruit money- 
brokers to augment its established Interbank Money broking Group. 

Senior Broker - Money Markets 

The ideal candidate will at present be working in a senior position as 
either broker or principal and should have a wide experience of money 
markets, domestic and Euro. Experience in off balance sheets products 
is essential. Self motivation and an ability to lead is desirable. 

Broker - Money Markets 

An experienced broker or principal with good overall knowledge of 
money markets. Some experience of off balance sheets products would 
be an advantage. 

Trainee Brokers 

Applications are invited from personnel who are presendy working in a 
junior or trainee capacity in a financial environment. A good general 
knowledge of foreign exchange/money markets would be an 
advantage. Candidates should be good communicators and highly 
numerate. 

These positions offer very high rewards and an opportunity to pursue a 
very worthwhile career. 

Application together with C.V. should be submitted before 
27th March. ReG A.K. 

J & E Davy, 60/63, Dawson Street,' Dublin 2. Ir elan d. 




|gg 

Si 











Financial Times Wednesday March II 1987 


Senior Corporate Analyst 

(with an entrepreneurial spirit) 


c£36,000 
Central London 


An exciting; prestigious!? backed 
new venture, in the field of credit 
evaluation, begins this Spring with the 
opening of foe fast European-based 
international rating service. 

A Senior Corporate Analyst is 
required to lead a talented and 
professional team, in the generation 
and marketing of financial and 
economic information, operating at 
the highest management levels in 


the European corporate sector 

We are seeking an ambitious, 
professional individual, possibly with 
Vice President status in a reputable 
financial Institution, who possesses an 
excellent credit analysis training and 
the necessary commercial acumen to 
contribute significantly to compary 
growth. 

The salary package wffl not be a 
Hm rting factor for the right cancBdate, 


and the rote provides all of the excefent 
prospects normally associated with 
joining a dynamic new enterprise. 

Please send a fon CV, In confidence, 
quoting reference MCS/3021to: 
Tracey Philps 

Executive Selection Division 
Price Wrteriiouse 
Management Consultants 
NolLondon Bridge 
London SEL9QL 


Price Waterhouse 






International Investment Management ... 

THE NEXT BIG BANG? 


While the stockmarket ‘Big Bang* has been dominating the headlines, another majot 
area of City business has been subject to a quieter but no less spectacular period ot 
growth. And whilst the stockmarket awaits its inevitable shake-out, there seems to be 
no pause in the continuing and rapid development of the City as the global centre for 
international investment management. 


Over the past five years, Anderson, Squires has been one of the fastest growing 
companies in the field of financial recruitment. We are now launching a new 
Investment Division to handle, on a specialist basis, a rapidly growing number of 

fond management assignments. 


We are joined by Roger Steare, an acknowledged specialist in this field, who will be 
delighted to discuss career moves with candidates at all levels who are seeking to take 
advantage of the opportunities available, and who have Televant experience in 
investments, stoddbroking, securities, and banking. 


Please telephone Roger Steare on 01*606 1 706 (until 8.30 pjn. tonight) 
or write to him enclosing your c.v* 


Anderson, Squires Ltd l. 


Financial Recruitment Specialists, A 7 _ . O ^ 

127 Cheapslde, London EC2V6BU /\TLCL 6 TSOTl , OCTUITCS 


Branch Sales Manager 
- Insurance 




Our digit’s extensive penetration into Ac City's financial 
markets has been a lital factor in consalidaring its leading 
position as supplier of advanced informatio n and comnmni- 
cations systems in the UK. 

Insurance is one of a number of verdcsl markets in which 

company fat pMti«i h riy K t rm fc and hence « ahht tn gxpand 
it* m.mymwit twin ky wy pitring an «p m mpp«i ant! talwUwl 

insurance P t r * ci ’ nta * ip *hf p«*Mnn rf Wnmrfi Mwwg w- 

Bascd in die heart of the Chy, yon will use your in-dcpth 
knowledge of Insurance markets to optimise 
revenues from a thriving sales unit 88 wdl8s 
pursuing new business opportunities. Rfi 1; 

You will be required to (Elaborate dosely with 

■tfi c nMtt wmg iinrf i qippnr f f jinrtiwi^ enyiring Tfr* M t 

Invest level of service is provided for aO diems. 


City c. £45,000 + car 

o die City’s financial An assured knowledge of contemporary information teefr" 


Fund Managers 

U.K. Equities 


flf | f<wf 5 gPBd CMw lM PgMCe yid wmrfcgf m. 

An ability tn drive a successful sales operation and to motivate 
staff in a youn& fisc-storing organisation is cnenttt. 


Salaries, wfaida are highly competitive and relate directly 
wpw i. nf . my nflw wi together with a company car, 
generaos bonus scheme and comprehensive benefits. ' 


hh M- M m onr! 

t JLflL a 

RV Advertising 


arwatded to oor dient unopened. (Address to 
onr Security Manager if Ihtiog companies to 
which it should not be sent.) 
Ref:J8072/FX 


Our client Is one of the largest U.K. Investment houses with s u bst an tial worldwide funds under 
management it is part of one of the most successful groupings in the newfy-stnjctursd securities 
markets. 

To handle the rapid growth of investment portfolios and the range of new products being introduced our 
client now seeks to strengthen its investment team by appointing two young fund managers to manage 
U.K. unit trust portfolios. The successful candidates will be graduates, aged about 25, With at least three 
years research and funds management experience In a major investment organfeatioit 
The remuneration package wffl be an attractive one and wffl include an inceritivebonu9 and a subsidised 
mortgage loan. 

Please send fifflC.V.- in confidence -stating current salary to D. Austin, ref. B7008. 

MSL International (UK) Ltd, 52 &osvenor Gardens, London SW1 W QAW. 

OMoesIn Europe, the Americas, Austrstesia and Asia PadOc. 


Hfde Park House, flOaKjdghtabridge, London SWEE7UE. 
TdU -238 6060 TfefecZTSH 


International 

Executive Search and Selection 



The AA is today one of the worlds 
leading service organisations, and by far the 
largest motorfog organisation anywhere. 
And, as a modem and weB-tnanaged 
organisation, ft Is siffl exporting in both new 
ana tradfflonai areas. 

The Manager (Operations 
Development) wffl play a key rote in the 
development of our Road Service 
Operations, providing a comprehensive 
development function that enables both 
operations and ad mi ni s tration departments 
to plan for and implement new and 
enhanced services and systema 

In particular, trts Involves controfling 
tin complete programme associated with 
updating our Breakdown and Information 
services, liaising with estates management, 
management services and other support 
services to ensure that this programme is 
developed and concluded on tone and 
within budget 

You wffl also initiate and control 
other projects concerned with improving 


services, commissioning research and 
using advanced computer simulation 
techniques to evaluate the financial and 
resource Impfications of strategies and new 
developments. 

With a degree in Economics and to- 
depth experience of practical management 
problems on a dayfo-day basis, you’ll be 
able to take on this Important task, which 
has budgetary parameters in excess of £90 
mBfion p.a. You should to familiar with- 
modem methods of management control 
and have experience of mmerate 
techniques In management planning. 

In addition to the excellent salary 
a/xf company car, there wfi be benefits 
normally associated with senior positions 
within major companies. Relocation will be 
available where appropriate. 

Send futi CV, or for further 
information and an apptication form, please 
telephone orwrite to: The General Manager; 
Personnel, at the address below. 

Tel: (0256)493691 


AA 


ASSISTANT FOR MONEY 
MARKET UNIT 

Developing skills in money management 
London Salary negotiable 






lUWT 


Lloyd's is a unique institution, formed by a reflective of private individuals, specialist 
underwriters and professional brokers whose combined expertise and reputation 
make Uoycfs the worfdfe foremost insurance market 

The Money Market Unit handles a wide variety of multi-cuiTency funds, covering cash 
deposits, borrowing and foreion exchange dealing, and it constitutes an important 
part of Lktydh Treasury Department 

An excellent opportunity has arisen within the Unit for someone wishing to broaden 
their experience, working in a small professional team. The successful canctidste wffl 
be involved in both money management and In deaing in the Money Market, and they 
will be encouraged to develop their expertise in these fast-moving areas. 

Candidates will be in their mid-twenties, with previous relevant experience in the 
Treasury Department of a commercial or financial organisation. They must have the 
ability to work effectively under pressure and the communication skKs to develop 
good working relationships wife banking contacts and with other major departments 
within Lloyd fe. 

The salary is negotiable according to qualifications and experience and the excellent 
package offered includes: mortgage subsidy, non-contrib u tory pension, P.P.P. and 
season ticket loan, along with other benefits associated with a large company. 

To apply; please write with foil cv; quoting reference PD390, to Mr Chris Hooper, 
Corporation of Lloyd's, London House, 6 London Street, London EC3R 7AB. 


•nWMnOMOSSJASSOaXT10lilWSIIIHOiaE.BASWC VIEW; >ASalO8T0ltE;HA»e> SH WEHOa SSL 


TTTj 

Tj 

I 



Jp^dsofsbc 




OF LONDON 


Manager- 

Equities Management 
Middle East 

$ six figures plus benefits 


Our cient is a major in ternati onal 
investment bank based in one erf the most 
progressive parts of the Mddte East As 
part of a continuing programme of 
expa n si on the bank urgently requires an 
experienced Equities Manager to lead and 
expand an established team devetoping 
investment strategy and treating 
internationally. 

Candidates should be graduates with at 
least five years experience in a srmftar role. 
Broad international equities experience is 
essential and must include the chscre- 

fcnary management of funds in the U.S A 
and in continental Europe. 


The six figure salary is negotiable and is 
paid free of tax. A fogrt standard of 
furnished housing fe provided and the 
benefits package includes a car, annual 
home leave and childrens’ education. 


Please send fuB career and personal 
details, quoting reference ES/1Q44, to 
Andrew Duncan, 

March Consulting Group, March House. 
13 Pfirft Street. Windsor SL41LU. England, 
or C&B07S3 869346 for further Information. 


ARCH 


CONSULTING GROUP 


Financial Analyst 


BIS Banking Systems is the mariset leader in specialised computer 
software systems to the international Banking sector and is part of the 
BIS Group, a £60m information technology and marketing services 
group] operating worldwide. 

Significant business growth has created the need for a. well qualified. 
Financial Analyst reporting to the Chief Accountant The successful 
candidate will be responsible for die development of improved 
business planning, financial reporting systems and forecasting, and the 
design of international reporting systems. 

The appointee wiD.be a graduate or qualified accountant ideally having 
gained their experience in the bankmg/finanrial sector or in an 
information technology environment They will also have well 
developed skills in communication and presentation at all levels of 
management and experience of micro-computer processors. 

We offer career development opportunities within the Group together 
with an attractive salary and benefits package. 

Please sendyour CVto: J. Martin, Senior Recruitment Officer, BIS 
•Ranking Sys tem^ l St Georges Road, Wimbledon, London SW19 4DR. 


BIS Banking Systems 


m 

last 


r CAREERS 
WITH THE 
MIDAS TOUCH 



HDP SYSTEMS LTD, 

S2-53 Margaret Street, London WIN 7FF. 
Tel: 01-637 5796. 


FEX DEALER 

Circa £ 25,000 +City Benefits 


A Commercial Bank having large network 
in India and branches in the UJKL, Hong 
Kong and Singapore invites application for 
the above position. 

The .Bank seeks a first-class young Dealer 
with excellent proven record and comets 
to assume responsibJities to activate the 
Dealing Boom. 

Please send your curriculum vitae in 
confidence, to: 3 

Box AD440, Financial Times 
10 Cannon Street, London EC4P 4BY 



i 



















'll * SIB (the Securities and Investments Board) is preparing to be the body charged with the main 
^sspcmsibiliry, backed by substantial statutory powers, for developing a system of regulation which 
combines the best aspects of statutory and self-regulation. Based in die City, die SIB seeks to 
appoint dniradd^ionalxnesibezs of staff at Assistant Director level. Working wifhin established 
teams, the candidates will be responsible foe a broad range of duties involving the policy and rules 
relating to the regulation of independent intermediaries, life offices and investment managers, 
and the recognition and regulation of SROs (Self Regulatory Organisations) and doe RPBs 
(Recognised Professional Bodies). 

Applicants will have experience of die financial services sector gained within an investment 
business, an accounting/Iegal firm, or a relevant institution, and have the personal qualities to 
communicate with individuals at all levels. 

The rewards will not disappoint. Technical, intellectual and personal challenge will be 
en c ounter ed within tins high profile body at the apex of a pew framework for investor protection. 

Interested applicants should write enclosing a full CV to Nick Root at Michael Page City, 39-41 
Parker Street, London WC2B 5LH. Strict confidentiality assured. 


I Inft 


Michael Rage City 

International Recruitment Consultants -London Brussels Newark Baris Sydney 

Amend^erofAddisonQxisultancyGroupFlJC 


iJ 



Young Investment Banker or Exceptional Account Officer 

ECP MARKETING - EUROPE 

Competitive Salary * Performance Bonus * Banking Benefits 


3 sed 
ems 

WV 13 

osg 

< v 

, ■ 


-- re 


• - t -V«£ 
'• *-• o'.; ; 


This major bank is a highly successful and 
innovative force in the ECP market, it is 
well poised both for considerable growth in 
size and range of ECP programmes, and the 
development of Medium Term Notes. 

This position will cover a major territory 
within Europe with responsibility for 
marketing ECP and other short-date 
products -berth to major, corporate 
customers and government agencies. It 
will capitalize on proven success and a 
y; slr dujihs [ r foutio rra nd trading effort. - 

Ideu^ candidates will have had 3-5 years 
banking' experience marketing capital 


market products: however, a high calibre 
commercial banker (perhaps with know- 
ledge of French, German or Scandinavian 
markets) would be considered. Most crucial 
are qualities of imagination and 
assertiveness and an ability to work fast 
under high pressure. Career prospects are 
allied to exciting developments within this 
area. 

For further details please contact Kevin 
Byrne on 01-246-3653 during office hours 
(076382-728 evenings/weekends) or send 
a detailed C.V. to the address below. AH 
applications are treated in the strictest 
confidence. 


60, Cheapside, London EC2V 6AX 


ou, biwapiwi wi 

m wmmmm 


Telephone: 01 -248 3653 


CONSULTANTS IN RECRUITMENT 


BANKING ACA’S - £25,000 to £50,000 

CORPORATE FINANCE plus full benefits 

Our clients, two major banks, seek high profile bankers who can dearly demonstrate several years success in 
providing a first class service to UK clients seeking advice or? M & A’s, Rotations, new issues, MBO’s, LBO’s etc. 
Applicants must be ACA's, aged 27 to 32 years, be currently working in a UK or international merchant bank or 
stockbroker and possess excellent communication and innovative financial skills. Contact Brian Gooch or 
Simon Carter. 

CORPORATE FINANCE £25,000 + 

An international bank currently seeks an individual with a successful track record of at least two years in business 
development in the UK medium corporate sector. First class communication and analytical skills are essential and 
some exposure to the more innovative financing techniques, such as leveraged financing, would be an added 
advantage. Contact Norma Given. 

CREDIT OFFICER (FRENCH) £neg 

Due to current expansion within the corporate finance area of a major European bank, an excellent career 
opportunity has arisen for a young, ambitious credit officer. The successful applicant will have gained 2/3 years 
lending and credit analysis experience within a banking environment, possess A1B and/or degree and a good 
knowledge of French. A marketing role is envisaged in fee short term and a superb benefits package is offered. 
Contact Anne Fenwicke. 

INVESTMENT ACCOUNTANT 
to £20,000 + benefits 

Our client, an expending and dynamic financial services company, seeks an ambitious, qualified or part-qualified 
accountant The successful applicant will be responsible for fund management and unit trust management 
accounts and will report to the General Manager. Candidates preferably will have securities settlements 
experience and, ideally, a broad-based knowledge of unit trusts. 

Respondents should be in their late 20's or earfy 30's. Salary will be competitive with a comprehensive benefits 
package. Contact Keiren Harris or Barbara Dabek. 


LONDON 


I 


BRUSSELS 


HONG KONG 


SYDNEY 




r 


Recruitment Consultants 
No.l New Street, (off Bishopsgate), London EC2M 4TP. 
Telephone: 01-623 1266. Fax: 01-626 5258. 


Barclayshare 

Excellent Opportunities 


n 


Barclayshare is poised to take advantage of opportunities provided by its wide contacts within die investing public through the 
brandies of Banlays Bank to develop its stockbroking capacity in die light of expansion in direct share ownership. 

They are seeking to fill a number of positions within their Watford-based offices, within easy reach of London. 

★ Account Executives 

Successful applicants will be involved in a wide range of retail investment activity; provision of investment guidance, 
dealing, and Personal Equity Plans. They are likely to have a minimum of 3 years' experience within die Private 
Client department of a stockbroker or other financial intermediary. 

* Investment Research Executive 

Hie successful candidate will work in a team providing investment advice ttjBardayshare customers as well as other 

areas of die bank. He/she will have bad a minimum of IS months' experience within the relevant areas of a 
stockbroker or similar institution, or a background in financial journalism. 

A competitive salary package is offered, together with a modern working environment and excellent banking benefits, 
for Cn n ^ ff inf r«Hn? t i f> n op i ^iallpngin g please contact Charies Ritchie or Nick Root on 

01*404 5752, or wrim enclosing a comprehensive CV to Michael Fags City, 39-41 Parker Sneer, London WCZB51H. 


L 


Michael Page City 

International Recruitment Consultants -London Brussels Newlftrk Baris Sydney 
A member of Addison Consultancy GroupFLC 


J 


HEAD OF BOND SALES 


£ Neff 


Well known International Merchant Bank n urgently seeking z 
Eurobond Sales person with four years experience in straights 
and FR.Ns in major currencies to become Head of its Sales Team. 


T-BOND SALES 


£ Neff 


A good opportunity has arisen for a career move as our diene, 
a large British Merchant Bank, is interested in recruiting sales 
personnel who have solid experience in US Treasury Bond 
markets. 

EUROBOND SALES £ Neg 

Reputable European Merchant Bank has an exciting opening for 
an experienced sales person to Join ft* successful sales team to 
deal in New Issue straights, ability In Japanese desired. 

EUROBOND DEALERS £ Neg 

A few International Merchant Banks are swfcfng capable 
Eurobond Dealers with experience in Euro Yen and Eurodollars. 

JAPANESE EQUITY SALES £30,000 

Established Securities House requires Japanese Equip Sale* 
SSon with at least one year’s experience and wkh Japanese 
speaking ability. 

Interested candidates should contact: 

Mark Hawking mmm 

on01J36*l« 

JAC RECRUITMENT ILJp 


Financial Director 

Broadcasting^ocationcd Education 


Manchester 


©C 

The Open CoRege 


to £40.000 


Manager- 
Future and Options 
Middle East 

$ six figures plus benefits 


The Open College is a new initiative to crcatea 
major increase in learning opportunities for 
everyone. This will Involve working dosdy 
with idertsion, radio, die fuflheredncatioa 
sector and industry. 


Candidates should hare an impressive track 
record in managing and developing new areas 
of activity. Experience of the issues dial 
operating in an organisation with a complex 
product and market mix pose would be an 
advantage. An Jndnstrial or commercial 


Director to work dosdy wilh the Chief 
Execntive and provide leadership in the areas 


A bey responsibility wffl be the development 
and impksMntationofpoficies to ensure ■ 
commercial viability, Finance for tteCofiegeft 
activities wiD come from a variety of sources 
including the sponsorship of courses, sale of 
material, and student fees. Additional 


Mease send full personal, salary and career 
details in confidence to Maityn Staman, 
qc»tingrefaxnc*l728/n(mbc^enwk^e 
and letter, fitierriews will be held in 


This Is a unique opportunity for the right 
person to demonstrate his/her manage- 
ment skiQs within a wed established and 
highly regarded investment bank based in 
one of the most progressive parts olthe 
Middle East 

The challenge is to establish afutures and 
options trading function, to determine (he 
policy and size of the operation and to 
develop and manage the traefing activities. 
The retirement is for an experienced and 
profita ble trader with proven management 


The rewards are a negotiable six figure 
salary, paid free of tax, a high standard of 
furnished housing , car, annual home leave 
and childrens’ education, plus the 
opportunity to build a professional 
reputation from a 'green field’ situation. 

Please send futi career andpersmal 
details, quoting reference ES/1043, to 
Andrew Duncan, 

March Consulting Group , March House, 
13 Park Street Windsor SL4 1LU, England, 
or caff 0753 B69346 for further information. 


Defantte 


m 


selit* 


Euro Dollar Straights 
Senior Trader 

A new and important position 
has been created 
jn a UK Merchant Bank 
as part of a 

progressive expansion, plan 
to take responsibility 
for this sector and report 
to the Treasury Manager. 

Salary, merit and percentage-earned 
bonuses to beagreed mutually. ■ 
£60,000 plus 
Sheila Jones 
109 Old Broad Street 
London EC2N 1AP 
Tel: 01-588 S991 


D BROAD STREET Tip 17 
____ _ZZ. 


alternative conrse raises. 


managing 

director 

Managing director required for 
UK subsidiary of a US govern- 
ment bond dealer. Must have 
ac feast five years’ experience 
in financial futures, with par- 
ticular emphasis on US bond 
cash to futures basis arbitrage 
and hedging techniques, and at 
least B years’ experience in 
currency dealings. Including 
interbank and US figures ex- 
change floor trading, brokerage 
and listed options trading 
experience. 

Salary: £20,000 p.a. — bonus ele- 
ment on profits negotiable. 
Please reply with full curricu- 
lum vitae to the company’s 
solicitors, Jaques and Lewis, 2 
South Square, Grays inn, Lon- 
don WCTR 5HR. 
fiefs JVB. 


CONSULTING GROUP 


Management Consultancy Division 

P.O. Box ISaLNSgstaHmiSQ, 26 Old Bafiey, London EC4M7PL 


OPTIONS STRATEGIST 

Major European Bank requires experienced Options' 
Strategist for its expanding treasury operations. 

Candidate must have a high level erf academic 
qualifications in options theory and pricing, together 
with advanced computer programming capability. 

MimmiiTP l year trading experience in currency 
and interest rate options and related products. 

Candidates should be in their mid to late 20s. 
SALARY NEG commensurate with experience. 

Write Box AQ432 , Financial Times 
10 Cannon Street, London EC4P 4BY 


CD/Eurodollar Desk 

Our active Eurodollar desk has a requirement for a dollar deposit dealer with at least two 
years’ experience to increase our cash trading potential in dollar and cash instruments, 
particularly CDs. 

The successful applicant must be conversant with all aspects of the Eurodollar market 
and be capable of running the desk in the Senior Trader’s absence. 

The post will offer a generous remuneration package which will include a high basic 
salary, profit-sharing and generous banking benefits. 

if you are interested in this position, please send a copy of your personal details, in 
confidence, to: 

Andrew S May, 

ftm Rothschild & Sons Limited, 

New Court, St Swithiifs Lane, 

London EC4P4DU. AHA 


N M Rothschild & Sons Limited 


j 


— • ^ * 4 *1' * ■ * «> V * * » *. v f * ». «. A J, 








Financial . Tiines Wednesday March U1987 


INVESTMENT MAN AGEMENT 
EQUITIES 
research-management 

New York 


Improve 



A tall order? As no. I 'm Global Custody services, 


The US. based investment 
management affiliate of a major 
European Rnandal Institution is 
seeking an experienced research 
analyst to join its ^obal portfolio 
strategy group in New York with 


UK and European companies. The 
chart company is a Registered 
Investment Adviser to U.S. based 
institutional and huge individual 
clients. 

This assignment involves full 
participation in die investment policy 
decision making committee with 
attendant portfolio management 
responsibilities. 


Candidates should have: 

— 2-4 years international investment 
experience, 

— a good educational background — 
related d^rees preferred, 

— an ability to relate specific research 
to global investment concepts, 

— a desire tx> contribute to the growth 
of the fern’s client portfolios. 

The successful candidate will receive 


and competitive as ours-wnere our oqieruse support s tnmmrs 
approach to our own growth and development is vital. 

That’s why, rm that we neod to fill mismanagement roles in 
the best In other words, exceptional nw-nmagerswfH)tatech< 
in our dynamic and totally uncompromising environment 


support of these services, wtire footing quite sfrrak 
'aisnge and responsibility in their stride and whod thrive 


Manager - 

Transactions Processing 


U.S. standards subject to considerations 
beneficial to the applicant. 

Please write in confidence, 
enclosing career details and quoting 
reference S6866/L to Valerie Fairbank, 
Executive Selection Division. 


settlements, tax and dividends processing, 
corporate actions ml telex transmission, your 
job requires ' an ability to manage people, to 
streamline work procedures a to facilitate the 
development and implementation of new 


IIS 


PEAT 

MARWICK 


volume of trade. 

The sensitive nature of the business demands a 
high level of control and rcsfr awareness. You will 
be responsible for the continued monitoring of 
processing efficiency, with the minimising of 
risks as a key task, and must hare strong 
experience ofcontroIBng high volume 
transaction business. 


Manager- 
Agents Control 

This group provides wwationalmanagBnMtof 
a network of subcustodians wtro handle the 
control and recontiliation of transaction 
settlements worldwide, ft works closely both 
with overseas agents and with internal 
processing units. 

We see you as someone with a hf&i level of 
awareness of risk management issu8s-an 
innovative problem solver, with a 
securities processing background, 
who is fully at home with the 
implementation of technology. 


areas in the South of . 

excellent salaries, generous mto&tton 


tcpfihahdd institute 

Stretch yourself. Write, enclosing 
a full CM., toMaryOVom ntt. 

Personnel Officer, The Chaa* . 
Manhattan Bank N. A , 1 Chaseskfe, 
Bournemouth, ■■■ • 

BH77DB. -< -■ ~ 


Peat, Marwick, MiPchd l & Co., 

165 Queen Victoria Street, London EC4V 3PD. 



INVESTMENT MANAGEMENT 



PORTFOLIO 

MANAGEMENT 

Trite is an outstanding opportunity tor 
an investment assistant to join a last 
expanding international Investment 
Management company based in the 
West End. The position involves varied 
responsibilities, including monitoring 
ana continually assessing clients 
portfolios. The company is active in 
bond and equity markets worldwide. 
Candidates — aged 22-30, numerate 
and with a strong educational 
background — may already be working 
in the investment sector, or be seeking 
a rewarding career change from 
banking or accountancy. There wRI be 
great scope for personal development 
and with increasing experience, the 
opportunity to contribute to investment 
strategy. 


ANALYST/ 

TRADER 

An entrepreneurial, self confident, decisive 
and highly motivated Individual is sought for 
a rapidly expanding investment bank. 
Working in a small, dose-knit team of 
traders and analysts, this individual wflf be 
expected to seek out, rese a rch and 
evaluate investment opportunities in the UK 
and overseas stockmarfcets. He/She will 
then be Involved with the investment 
decision making process. Candidates will 
either be working as investment analysts 
and looking for a more stimulating and 
reward orientated environment: or do in 
corporate finance, accountancy (recently 
qualified Accountants) or another 
nnandalTinvestment related position and 
looking for a change of direction. Salary wBI 
be most attractive, with the opportunity to 
earn a substantial bonus. 


INVESTMENT 

ACCOUNTANT 

Our efiem is the London 
investment banking subsidiary 
of a major commercial bank. 
This opportunity in investment 
support follows continuing 
growth in the volume of funds 
under global management The 
position carries both managerial 
and technical responsibilities for 
a team handling all aspects of 
investment accounting. Whilst 
primarily involved m client 
accounting, you wifl also have 
scope to develop the division's 
systems. Vital qualities are 
flexibility and serf-motivation . 
coupled with a professional 
Qualification and previous 
relevant experience. 


mmWmS 

Mallo M 


H 




The bank makes markets in alarge number of 

Bonds and Equity Warrant Issues. 


Salaries are competitive with other 
is also a performance related bonus; mortgage subsidy; 


P' 11 Ir ' » T i’i r > * - P LV?i i i "v t i i r 

1 j ;; ' 1 



Please contact Roger Steare, Joanna Davies or Felicity Hother. 
Telephone: 01-606 1706.. 

r.k- ' * ’ Tl . . 

Anderson ; Squires, Ltd., ' 


Financial Recruitment Specialists A J O . • _ _ 

127 Cheapalde, London EC2V 6BU ^71616X5071, OtJUlTCS 



CREDIT CONTROL 
MANAGER 

British Steel Service Centres limited is a major distributor of steel products 
in the UJC being the stockholding/processing arm of the British Steel 
Corporation. The Company has a turnover of approximately £200 million 
pear annum, with some 10,000 customer accounts ranging from large 
conglomerates to small contractors. 

A vacancy arises in the Company Headquarters at Stourbridge in the West 
Midlands for a Manager of the Credit Control Department Responsibilities 
include review of credit limits, monitoring of exposure and ensuring that 
speedy, positive action is taken in the recovery of overdue accounts. 
Candidates should be able to analyse balance sheets and make judgments 
on credit worthiness and have a thorough knowledge of the appropriate 
sections of the Companies Act concerning recovery of monies and 
winding-up procedures. 

The successful candidate will be an experienced manager, showing an 
appreciation of commercial opportunities but being of strong character to 
ensure that the Company risks of trading are acceptably balanced. The 
job will require an amount of travelling to dismss problems with customers 
and branch managers and a car will be provided. An attractive employment 
package is available. 

Application forms are available from: 

Mr n L Baper 

Company Personnel & Administration Manager 
British Steel Services Centres Ltd 
96 Stourbridge Bond, Lye, Stourbridge 
West Midlands, DY9 7DD 
Tel: Lye (0384) 424151 


c £30,000 p.a. 

Managing Director 
LONDON 

Rnandal Services - Communications 


UMulHuMnSiriiilO ukUuMuxiTlftiuTn rjCvii- n 


experience in Conunimicafions. This experience will have been gained fo Wrowwiai 




suteadi^foroneoftoeUFsIeadmgaiuifesf^growiiigtoiisofCtmsidting 


Investment Management 

C anad i an Imperial Bank of Commerce is one of fee worlds leading Inte rn atio n al 
Financial Institutions with a substantial base in Canada end a significant present 
the major financial markets worldwide. Wfe are currently seeking ambitious 


2 INVESTMENT MANAGERS to manage international portfolios and help develop 
QBCs considerable investment management potential worldwide. The role will 
include a contribution to overall investment strategy, management ofprivate and trust 
portfolios and marketing QBCs international investment services. Experience of 
international markets is important and geographical specialisation an advantage. 
Opportunities exist to make a considerable contribution to business development 
which will reflect in career advancement 

ASSISTANT INVESTMENT MANAGER to help in fee running of a Portfolio of 
Pension Funds and Charities - this will indude indepth analysis of UK and overseas 
markets and considerable client contact Candidates will likdy be graduates with 5-7 
years relevant experience in Fund Management and Stockbroking. The successful 
applicant can expect his/her contribution to development to performance to be 
directly reflected in career development 

Competitive salaries will, be offered together with benefits that isdnde a son - 
contributory pension scheme, free life assurance and low cost mortgage facilities. 
Please send full career details to John Hardisty, Manager, Human Resources, 
Canadian Imperial Bank of Commerce, 55 Bishopsgate, London EC2N 3NN. 


Canadian Imperial 
Bank of Commerce 




N. M. RotiucWfd Aiset Management is seeking a Registrar for 
in unit trusts. 

The successful applicant will need at least three yeans experience 
in Unit Trust or Company registration. 

The post offers an attractive salary. Besides normal banking ’ 
benefits, the remuneration package will indude a Company, profit 
sharing scheme. 

Please sand a full curriculum Vitae to: 


The Personnel Director 
(Ref N73/41/RAJM) 

N. M. Rotfodifid Asset Management Limited 
PO Box 185 
New court 
StSwftWn'sUn* 

London EC4P 4DU 



IP 




life cover; relocation expenses and profit share potential. 

Suitably qualified candidates please phone 01-60047^foranaKilicatioiifonu 
quotingGF705 (24 hour service). 


LtJIVl* 


EXECUTIVE RECRUITMENT 


JOHN WG FORBES MANAGlNGDIHECrOR 

104 NEWGATE STSEET, LONDON ECL 


Japan Specialists 


We act for one of the world's leading stockbroking 
houses which is currently continuing to expand its 
Japanese market operations on a worldwide basis. 
Their requirements embrace both equity research 
and sales. If you have at least one year’s experience 
either, in the analysis of these stocks or in 
marketing/safes, we would like to hear from you. 
The opportunities offered are very substantial for 
those whose drive and ability wiD alfowthemto 
prosper in a demanding atmosphere. The right 
candidate wffl command an extremely attractive 
salary package. 

For a confidential discussion of these positions, 
please contact Simon Hanfoon on 
01-491 3198 or 01-998 3328 (evenings). 




BJK0PE MOUSE ■ WOWJDTIUDC ONTK ■ LONDON B 9AA ■ SHOT SUB 


IR 1887 

PUT YOUR Cm 8R 



EA 

AN INTERNATIONAL 
, (TIM REQUIRES 
* MilMbla dialer wktn proven 
npHUnn and record o I a pot and 
forward dealing hi foreign 
•xenanga. oOfliHiMltiw. An ability 
to bring good reaaltt on ■ day 
trade naala only la vital. An 
ouallMt pacJcaga'deal tor tbo 
right applicant 
Plena* apply ancfoclnp ca rear 
tfafato waft re/anmcoa to: 

Biur M443, Plnuteitl T Ana* 

10 Carnal St, tendon BC4P 48Y 


Fund Manager 
Grca £25K + Car 

Our dient a diversified industrial and financial 
servkesgroup, has devetoped over the past fewyeare, 

through organic growth . “and acquisition, a number of 
unit trusts which currently manage hinds of around 
£20m. These trusts have performed consisteritiy in the 
top quartite of the market place. 

In fine with the Group’s ambitions to have at least 
£150m under management within the next three 
years, there is a need for a further youngfond manage^ 

probably in his or her late twenties, who haseneigy flair 
and innovative ability who understands the ■nuts and 
boas' of the investment business and who has an 
interest in and some experience of marketing unit 
trusts. • _■ 

’ "B* ^presents an excellent opportunity to join a 
small but dynamic and growing unit trust business 
where there, are good prospects for personal 
development and career progression. 

Applicants should send details of their experience 
and current situation In confidence to: 

Madar (OK) Limited. Rwfojffinent Cbnsufcahts, 

2 The Courtyard, Smith Street; Condon 5W3. 












A 


ttjvaj****. r-; 





\T\a 

ie\y 

“ of 


ibe 

ake 

in 


D 


9 * 



U -at ; 

Sacjr^ 


--CS-33-- ) 


^ergga j 

iS3n fc^es : 


s-Ss-cise- 




rtft 


fits ? 


^ypiu'o- 01 -^^ 5 



. p 


g 

fes 


UK EQUITY ANALYST 


Major Investment Bank 


Kfc 

Sift: 






i%4 


E0* 


<Fmi 

8 


Our client is one of the world's largest and 
uaost successful financial organizations 
and has a major presence within the 
global equity market. 

This position demands an experienced UK 
Equity Analyst whose prime 
responsibility will be to create and 
develop the UK equity research team's 
analytical . capacity; The successful 
candidate will be expected to oversee and 
contribute to the writing of in-house 
research reports as well as commenting 
on other economic and equity forecasts. 

Ideally a graduate in Economics or a 
related discipline, he/she should be aged 
around 28-35. highly numerate and have 
strong writing skills. Apart from 


familiarity within a specific market 
sector, experience of fundamental 
research and technical analysis would be 
a distinct advantage. 


This is an outstanding opportunity to join 
a team well respected throughout the 
industry.' A competitive salary and 
benef its package will be negotiated to 
attract an ambitious and suitably 
experienced professional. 


For further details please contact Kevin 
Byrtie on 01-248-3653 during office 
hours (076382-728 evenings/weekends) 
or send a detailed C.V. to the address 
below. AH applications are treated in the 
■ strictest confidence. 


m 

*5 


60. Cheapslde. London EC2V6AX 


lWi 


HSUS 




ivfr 



•telephone: 01 -248 3653 


[assoc 


ATE 




CONSULTANTS IN RECRUITMENT 


ii 




The Save & Prosper Group 


are 


finnly established as one of the A 


leading Financial Services Groups 
in die UK with over £4.2 bn under 


f DEALER - 
INVESTMENT 
DEPARTMENT 



transactions where this is 


success has created the need for an 
experienced person to join our all ' 
important dealing section within. - 
our investment department. 

As a member afthis team you 
will be responsible fbr liaising with, 
stockmarket dealers, executions of 
transactions in aH the wodd's 
stockmackets and supporting the . 
investment managers. Our dealers 
are expected to statist their 
discretion in the execution of 


1 



GTY 

COMPEimVE 
SALARY + BENEFITS 
SAVE& 



PROSPER 


THE INVESTMENT HOUSE 


appr o pri ate. 

This is a senior position and the 

rantliflafr wffl hav*> had 

suitable experience of either 
working in the dealing department 
of a stockbroker or a similar 
position with another investment 
institution. 

Ifyou are interested in this 
position please write in the first 
instance to Me. K. Nicholson. 
Personnel Department, 

Save & Prosper Group LtcL, 
Hexagon House, 

28 Western Road, 

Romford,RMl 3LB. 

Tet (0708) 66966. 


FINANCIAL 


CONSULTANT 


REQUIRED 

Central LonduHE neg. 


Fast-growing banking and 
tenng ei 


catering group seeks person 
with t op- Bight background for 
guidance and support through 
Its next stage of development 
leading to USM quote. 
Person will contribute 
directional expertise and 
personal knowledge to allow 
the expansion of existing 
backing to promote growth 
in the areas of operation. 
The situation may suit a 
retired person with rece nt 
successful executive experi- 
ence; This is not intended 
to be full-time or part-time 
bat could become so depend- 
ing on applicant's ability. 


Send full ev. to: 

Box A0433 
Financial Times 
10 Cannon. Street 
London EC4P 4 BY 


BBL 


London branch 


Seeks experienced SPOT TRADERS, including a SENIOR, with 
several years* De aling Room experience. They will be highly 
motivated and expected to make a subs tantial contribution to 
the D ealing Room results. 


An excellent remuneration package including usual banking 
benefits is offered, commensurate with experience. 


Please send detailed curriculum vitae indicating your present 
and anticipated remuneration, attention Myra C. Hejfeman at: 


BBL 


Banque Bruxelles Lambert S. A. 

London branch SL Helen's : 1 Undershaft : London EC3P 3EY 





rc< * j f 1 1 1 : I 


Insecurities? 

al sales £30,000— £125, 000 basic 


n 


wtwmpwitinn and die dimt-rinn of your fern hvhal in 1987— a critical 7 

OnA nfpiMrfm piilfaitw 


: for diet 


rides i 


■VWs wodcdtedywfdt (be institutional departments of many of the City’s most important securities bouses {both UK and 
intematkmal) which means we are ideally placed to offer i nforme d advice on abroad range of oppo mmirifA . 

Demand for those wiih a sncassfa) tmckwcord in institutional equity sabs is piesendy strong at all levels of seniority. Experienced 
analysts widiing to switch to sales would also be of interest. 

3f< you wish toifiscoss a significant career move or would sangdy Id® to he fcept informed tfma&et developments, please contact 
Anna Robson or Nick Root at die Securities and lznohnencDivinaa, 39-11 Briar Street, Loudon WC2B 5LH, ce telephone 
01-404 5751. Strictest confi dmtialiiy assured. 

Onlydioea wiihwh v amil i Mldiwi I rfn ggpe ri B nrr jbodd apply. 


I_ 



Michael Page City 

I nte rna ti onal Recr uit men t Consultants -London Brussels NewVbrk Paris Sydney 
A member trf Addison ConsxikancyGrotqjPLC 


_l 



Barclayshare 

Excellent Opportunities 


Bazdayshare is poised to take advantage of opportunities provided by its wide contacts within the investing public through die 
branches of BanJays Bank to develop ics stocfcbrofcmg capacity in die light of recent expansion in dizecr share ownership. 
They are seeking to recruit foe two senior positions within their Watford-based offices, within easy reach of London. 

* Investment Infixmatton/Advice Manager 

The successful applicant, with experience in richer private clients ’ portfolios or financial journalism and a good 
knowledge of die UK equity market, will hi»ad up a small team providing investment advice to both customers of 
Barclayshare and other areas of die bank, drawing upon the research resources of Barclays de Zoets Wedd. 

★ Personal Equity Plan (PEP) Fund Manager 

Reporting to die Head of Investment, applicants will have bad a minimum of 3 years' fund management experience 
and a thorough knowledge of UK equities. Managing Barclayshare 's portfolios within the PEP scheme, he/she will 
take responsibility for day-to-day investment derisions. 

A competitive salary package is offered, together with a modem working environment and excellent banking benefits. 

PmfiirAifmfiwnarinn on tfiw rbiBw^ny n ppm nmltiis , pb>a<a- mntnrf CharigS Ritrll ig Of Nick Root OB 

01*404 5751, or write enclosing a comprehensive CV to Michael Page City, 39-41 Parker Street, London WC2B 5LH. 


L- 



Michael Rage City 

International Recruitment Consultants -London Brussels NewVbrk Paris Sydney 
A member of Addison Consultancy Group PLC 


Jonathan W/ren 

OPERATIONS MANAGER 


SOUTH LONDON 

Neg (£30,000 plus banking benefits 


Our client, the asset management associate of a leading UK merchant bank, is -seeking a manager to take day-to-day 
responsibility for its securities processing department The department processes UK and International equities, and fixed 
Interest products indurfing eurobonds, futures and options contracts, and new issues. The successful applicant will also be 
responsible for the implementation of new compute systems by users. 


Applicants must be aged 3245 years, with at least 7-10 years' relevant securities processing experience Including several at a 
supervisory level, and possess excellent man-management skffls. 


In return the bank offers, in adefition to a competitive starting salary, a profit sharing scheme, mortgage subsidy, company car 
plus other benefits. Contact Brian Gooch or Simon Carter. 


LONDON 


BRUSSELS 


HONGKONG 


SYDNEY 


onathan^Tren 


Recruitment Consultants 


No. I New Street, (off Bishopsgate), London EC2M 4TP. 
Telephone: 01-623 1266. Fax: 01-626 5258. 



AMBITIOUS 
MARKETING OFFICER 


for a 


Thin’ is an excellent career 
dy namic and self-motivated b 

Primarily responsible for marketing to UK 
corporate customers you will also be expected to 
identify and develop new business opportunities. 

You should be a good communicator, able to 
negotiate effectively at all levels with corporate 
customers. 


Writable candidates will have a proven track 
SiLjrdlii marketing as well as experience In 
SSStabalys is. A knowledge of German would 
be an added advantage. 


Attractive salary package and fringe benefits. 


Please apply in uniting to: 

Ann Clark 

Raverisehe Hypotheken und Weehsel Bank AG 
3 Queen Victoria Street 

London EC4N 8HA 


SALES PERSON 


K "- , “ PW — .U..™ 

or write to 380 Burton Ro * d ' rMn - 



ADMINISTRATOR 


FOR FR(X3iAMME TRAT8NG DEPARTMENT 


Wenowwish to appoint an Administrator with wide experience 
of UJC and international settlement procedures. The person 
appointed to this senior position wQl administer Programme 
Trades from initial order to settlement, including preparation of 
schedules and liaison with the Setdeinent Office to ensure 
prompt completion of transactions. He/she must be able to 
work under pressure, and with minimum of supervision. 


If you think you maybe interested, please write in confidence, 
with details of your experience to date, to Mr D. Schulten, 
Personnel Manager, James Capel & Co. at- 


James Capel House, 
P.O. Box 551, 

6 Bevis Marks, 
London, EC3A 7JQ. 


FOREX 


APPOINTMENTS 


For Forex, Capital Markets and 
appointin' 


Treasury appointments consult 
a specialist agency 
TERENCE STEPHENSON 


Prince Rupert Hou 

ULomfen E04R IAS 


S-WCoOe^HTIl. 


Of -248 0283 


Chief Dealer 


An International Arm require* a candidate with succwful managerial 
expert on oe of foreign exchange — currency dealing for 5 yeara In a 
reputable Imtiuitibn. 

The role aaaumae responsibility for supervising. controlling end guiding 
dealers and could have a good grasp of all e»eot» of the m&nay 
mark at. A proven record of ability to bring poahlva results on a day 
trade besla. An attractive ramunaratlon package with e bright tutor a 
for the right applicant. 


Hum raply enclosing wur details with ntoranouto: 
Box M44Z. Financial Times, 10 Carmen St, London EC4P 4Bf 


OFRONS/SWAPS 
c£30k + Banking Benefits 


The UK arm of this prestigious US investment bank holds a 
- dominant position in both the currency swaps market and in the 
field of interest rate risk management products. 1 b sharpen its edge 
against competitors it seeks an experienced, high calibre dealer in 
interest rate and currency options to complement the skills of its 
professional team. With at least two years’ experience, applicants will 
have established a remarkable record of achievement in this field and 
can expect rewards that match their ambitions and that reflect the 
importance and status the bank attaches to this position. 


RESEARCH/INVESTMEOT ANALYSIS 
to £25k Package 


A leading UK merchant bank with an enviable City reputation 
offers a challenging career to an ambitious Economist. Providing 
d etaile d research on Gilts/Equities for both the sales team and 
clients, an articulate, young Economics graduate/post-graduate is 
sought with an exceptional academic background. Report writing 
and analytical skills are paramount as is the ability to work 
within a growth orientated team. 


If you are able to meet the above criteria please contact 
Anthony Jsem BA (Oxon) on 01-256 6833 or send full CV 
in strictest confidence to Reed City, Financial Executive 
Recruitment Service* 94 Old Broad Street, London EC2M 1JB. 


Peed City is acting on behalf of a mother of chents spanning the financial services 
industry and is looking far exceptional proven talent. If you are thinking of making 
a career move, [lease contact Peed City at the above address. 


n 


j 




•—city 

FINANCIAL EXECUTIVE RECRUITMENT 




i 




l 


-T.Aj, ,*S.. *. 

'V- ? 


1 ' - -V. •. •. _ 


'w-. \ V A '. 







1 


j 


‘ ’• • • *■ ’* r*. — . ■- . x •.«. «u 


J. - 








;j4 





VI 

r Mergers and Acquisitions 

T TS TmTPchnpnt Rank £ Subst 


US Investment Bank 

Hie increasing involvement of US InrestmeniBank in tie 
British corporate finance marioet has created a demand for 
young professionals with good mergers & acquisitions 
experience. 

OurdieDtjtbelxjndonbrandiofaUSfavestnMiitBaiJcfisat 

the fa di oDt of this degelopment in the UK and cooti nifln g 
expansion has resulted in an urgent need to recruit a further 
memb er for its Mergers &. Acquisitions team. 

_ _ j. t 4. ( . -W 1 _ /M. S 


Accountant, Lawyer or Business School Graduate, with 


£ Substantial 

Merchant Bank where he or she wiQ probably now be at 
Assistant Director levd or equfealent. The person most also 
be a self-starter, a business devekjper and a team player. 

Ibis is an outstanding opportunity for a bright, ambitious 
and experienced specialist in this field to use his or her proven 
ability in a demanding environment where contribution 
impacts directly chi progress and rewards* 

Contact Lindsay Sugden ACA on 01*404 5751 or write 
to her at Michael Page City, 39-41 Padoer Street, 
London WC2B 5LH. Strictest confidentiality is assured. 


I 


Michael Page City 

International Recruitment Consuhants-U»donBinssels>few , ibric Paris Sydney 
A member of Addison Consultancy Group PLC 



INVESTMENT ANALYST- UK EQUITIES 

£18,000 pa-£25,000 pa + foil banking benefits 


tbe newly created Equities department of a m^orlnteriiatfonaJbaBlL 


tfssBxM Tim es Wednesday U 1087; 

COMPENSATION & BENEFITS 

to £35K plus generous Banking Benefits 

Major International Investment Bank 

Our.dlent, one of the major European Investment 

expansion, is looking fora Compensation and Beneffteqjecial^ Fwrious experience 
gained in an International environment is essential for this roie. 

You will probafafy be In yotirlate ^20Vearfy3Crs with i^Jheen with a 

compensation and benefits experience, at least part of which rijouWlwve pw 
B ank or Financial Institution, with on International network of branches anw 
subsidiaries. 


The job specification is 



mo atnircy loreime to senior wie manciaoiiro..u <«w4trsi*iljrt. 

Is required, as the Bank is currently engaged in rapid worldwide growth and trawl at 
short notice may well be required. 

Attention to detail is important and you should derive satisfaction P r< ^ BCt - 

through from concept to implementation without leaving loose ends to outers. 

Please forward you rc.v. to Tom Kwrigan atTom Kerrigan AssooatwUd, 2nd Rwrv20. 

Wormwood Street Bishopsgate, London EC2M IRQ ortetephone him on 01-588 4303 
to discuss the position further. 


TOmI<ERRIGA( 

: ASSOCIATES LTD « 

f:7 ?»RTTr tTTaTIff gjT ^ I * U l 


This is an opportunity which will appeal to an 
ambitious UKEquities Analyst The bank is a prime 
international name and tire position offers important 
immediate responsibility as well as the future chance to 
gain both fund management experience and 
international Equities exposure 

The bank is already well established in Fixed Income 
fund management and the newly created Equities 



increase to indude the management of a part of the fund 
and overseas Equities analysis. 

Kbu will have already gained at least two years 

generaUstexperienoe in UK Equities and are likely to be 

a graduate in the age range 24-30. Good interpersonal 
and communicatlCHis skills are essential. 

The working envirownesit is modem, well equipped 
and unbureaucratic'IheCcxnpany offers an attractive 

a 


jSfaa 



iy 

JIM 


vLU|jml 



II 


TjfTTi 


iilcliLir: 










|:nii|i ii'i mii* 


- l4 V>»l|:ilI:il!HllU r :l 


1 1 ii if-.'.i •'« %'u" 

iTiiii n i i fiix i i^Tiv/iv i iTF/j 1 1 it iTi i . i : 1 1 cti 


■ ■ 

Hiiif tiVi i: ,i - ■ i : : i - : I • y’ 1 1 - : i • ' i- ;■ F.'i i f n : ■ I 



IN TERNATIO NAL BANKING 


CORPORATE MARKETING 


£16,000^25,000 


The recurring demand is for bankers, 25/35, who can already demonstrate successful 
experience of marketing a range of products to UJt /European companies. Particular 
knowledge and skills (eg. fluency In a European language, exposure to specialist 
mdustries/regl ons ) are much in demand. 


CREDIT ANALYSIS 


£14,000^21,000 


On behalf of several mercbant/intemational banks, we seek young analysts with a 
good degree followed by sound, prof, formal, credit training and experience. Some 
appointments represent a positive step towards marketing whereas others win be of 
appeal to those whose Interests lie more in credit management. 

ACCOUNTANTS (Qualified/Experienced) £15,00<HE20,000 

Financial Central, Corporate namdag Tax-based Product Marketing; these are areas 
In which possibilities occur for young Accountants with a qualification and/or solid 
relevant experience. 

Space precludes detailed specification of the above: moreover the composition 
of our portfolio changes continuously. To discuss your own requirements 
whether or not they relate to the foregoing, please telephone Ann Costello or 
John Chiverton. 


John 

Chiverton 
Associates Ltd. 


8£ GiWHvrSmer 
LonwE-CA. 
01-6233861 


Appointments Advertising 

£43 per single column centimetre 

Premium positions will be charged £52 per single column centimetre 
For further information caU: 

Jane Liversidge Daniel Berry Emma Cox 

01-248 5205 01-248 4782 01-236 3769 


PENSION FUND MANAGER 

M&G 

Salary Negotiable City based 

The M&G Pension Fund Manag e m ent teani are currently seeking an Institutional Pension 
f\md Manager. 

Assisting the Director your duties wffl include liaising with trustees and ma k ing presentations 
to potential clients. 

Candidates should preferably be educated to graduate level and .aged between 25-35 with at 
least three years’ experience in' the Investment Management of Pension Funds. : 

For further information and details of remuneration, please forward career details, tn the 

first instance, to: 

LANCASTER ASSOCIATES 
3rd Floor, 65 London Wall, London EC2M 5TU 
for the attention of SUSAN ALBA 
TeL 01-628 0497 or 01-628 6971 _ 


NEWSPAPER SALES 
MANAGER 


The Financial Times wishes to appoint 
a Newspaper Sales Manager - 


?-v 

—“‘-v.-.-n— < — - 


This challenging opportunity with Europe’s Business Newspaper.^;, 
requires a highly motivated person to work to a programme 
designed to increase the sales of our publications and to maintain 
effective relationships with our distributors and representatives 
in the UK. The position requires a young, articulate person to 
liaise with and to motivate our circulation sales team and to initiate, 
sales promotion schemes in conjunction with our Promotions 
Department 

This vacancy, which carries a good salary and benefits normally 
associated with a major company, would ideally suit someone 
with a sales or sales promotion background. A company car will 
be provided. 

Applications (male or female), in confidence, to the Circulation 
Director should be accompanied by full career details and 
achievements to date. 

The Financial Times Limited 
Bracken House 
10 Camion Street 
London EC4P 4BY 

FINANCIAL TIMES 

EUROPBS BUSINESS NEWSPAPER 


fa UL'i.AA 



The London Branch of a Leading 
U.S. Bank is Seeking a 

SENIOR LOAN OFFICER 

to Join its expanding Leading Division 

The ideal candidate will be aged 30-40 and have completed a Bank 
Credit Training Programme with at least 5 years’ experience 
building a property loon portfolio. Knowledge of other forms of 
secured lending wfJ) be a distinct advantage. 

Motivation, communication skills, maturity and the ability to work 
well within a team are essential. 

Applicants should write in complete confidence with full career 
details and salary expectations to: Box A0439. Financial Times, 
10 Cannon Street. London EC4P 4BY. 


FOREIGN EXCHANGE 
DEALER 

Experienced Spot Dealer required 
in ell major currencies tor nrivete 
individual. Minimum S ywn', 
active trading experience essential 
Mum be able to worts shifts 
Warn End baaed. Salary negotiable 
Write wKH CV co.- 
Soir .40392. Flnmnelml Timms 
» Cannon St. London BC4P 4BY 


MANAGER REQUIRED 

To set up and manage indoor 
cricket arenas. Salary negotiable. 
Excellent prospects for go ahead 
executive with knowledge of 
torture industry. 

For full dwtmitt write to: 

Bom ASmi. Fhmneim! Tknmm 
t0 Canaan St, London EC4P 4BY 


TAKING STOCK ... 

The Post Big Bang London market offers 
scope, nbaTlonge, and prospects for. those 
with leading qualities. It is a time when 
many people are taking stock of their, 
careers and many of bur major clients are, 
for the future: ' 

Private Clients 

u ‘vT ii2,oootb £50,000 
Executives aged 24-40. with, a 
. minimum oF two years experience of; 

ninnflg in g TT.K. nr Intern atinrml frrhmte 

client portfolios, are required to join 
expanding private client teems.' or 
develop regional offices. Marketing " 
skills as-weH as attached business 
would be an advantage. 

Equity Research 

£12,000 to £60,000 
Analysts aged 23 to 40, with UK or 
International experience are required 
to loin specialist research, teams ... 
cover a range of sectors m or become 
involved In Fond Management. 

Whether yon are actively looking to move, 
simply curious about the market, or would - 
like to be kept' informed please contact 
James Younger in confidence. 20, Cousin 
Lane. London. EC4R 37E. Telephone 
236-7307. 


STEPHENS ASSOCIATES 

SEARCH A SKLECTK3N IN SECURITIES A INVESTMENTS 


SETTLEMENT STAFF REQUIRED 

AT ALL LEVELS 
BY 


PROVINCIAL STOCKBROKER 
(YORKSHIRE) 

Curriculum vitae to Box A0449, Financial Times 
20 Cannon Street London EC4P 4BY 



EXECUTIVE JOBS 


If you earn over £25,000 p.a. 
and are seeking a new or better job 

Our team of consultants, all of whom have had managing 
director level experience, con help you. 

Our successful Executive Action Plan helps you find 
appointments quickly and dacreetiy, particularly hi the 
unadvertised vacancy area. 

Contact us for an exploratory meeting without obligation. 
If you are currently abroad ask for our Executive Expat 
Service. 

32 SaviHe Row, London Wl. Tel; 01-734 3879 (M hours) 


International Appointments 


Important International Chemical Group seeks qualified individuals for th* 
expansion of Its Patents and Licensing Department 

PATENT EXPERTS 

(worldwide fifing & prosecution) isiaswm 

LICENCE/CONTRACT EXPERTS 

(negotiating & drafting) (S1353 sfti 

The ideal candidates, being citizens of the European Community, will have: 

' deflre ® COroWncd wlth a r ®®*°naMe understanding 

- three/four yearsof practical experience ' ' ' 

- command of English and one other language (preferably Italian) 

- no more that forty years of age 

- availability for frequent trips wHhfn and outside of Europe : 7 j. . 

Compensation, definitely attractive, is commensurate with the skills 
cSHr n ^bmSS en ‘ S ‘ &r, e lo y"'W' t with th« (nternatfonaTGroup 
Workplace is near Milano. 


0RGA SI - 2OT29 MILANO • Via PAnfot 63 • ToL (3) 2M&M1 













21 


* 


m J/JWu„ 

Lovell 

for plant hire 


SECTION n - COMPANIES AND MARKETS 

FINANCIAL TIMES 



9i 


Wednesday March 11 1987 


BRITISH VITA PLC 


* 


% 


*> 


Ferruzzi raises stake 
in Montedison to 37% 


BY ALAN FRIEDMAN INT WLAH 

JjRRUZn, the Italian agro-indus- 
<3£o-f?P *■ P«y»8 L320ba 

to more ithan 37 pet cent from 27.6 
percent 

Tie share purchase sens de- 
«rfbed ywtraday hy an aide to Mr 
Rfefl Gardini, the Ferruzzi duur - 
man aid majority sharehnM^ as 
part of the Ravenna group's effort 
to reinforce its effective control of 
the Milan-based Montedison. 

The deal brings to around £L4bn 
the amount of money Mr Gardini 
hMso far invested in Montedison, 
Italy’s second-biggest private-sector 
group after Fiat, since last October. 

With the effective control of 
Mon tedison (albeit by of a 
minority), Mr Gardini contro ls Iter 
JV!s serrmA rnirf ttiimJ-l****** — 


XT' 

■ ■i”i ■ • ■ • ► :•*- -vf 



— — — ■■■ inaifiMUjuinao 

groups (Montedison »nri Ferruzzi). 
Their comhiripd amwai reve n ues 
are $17bn_ 

Mr Gardini structured yester- 
- day’s deal so as to' obtain control of 
■fp Montedison ordinary mwi savings 
shares with a market value of 
L5Q3bn white pa ying only tswBwi 
T his was Bnyfflpikwd hy having a 

Pw rii'i - t ! fu__ m r_ 


trading business} acquire 502 per 


Mr Baal G ar d ini , Ferruzzi 
chairman; wins control 
cent of Pafinvest, a financial hold- 
ing company owned by Mr Gianni 
Vanun who, like Mr Gardini, is a 
Montedison vice-chairman. _ _ 

By taking majority control" of Paf- 
invest, Mr Gardini wins co n trol of 
the 9.48 per cent of Montedison or- 
dinary shares and L2 per cent of 
savings shares held by Pafinvest 
As a bo n u s, F erruzzi «i«n obtains 
control of iwntfiw Pafinvest hav- 


ing -25 per cent of the shares of Mi- 
ra Lan za , a detergents and a> ap 
powder manufacturer. These 
shares are worth L33.75hn on the 
stock market 

Mr Varasi. who has been a 
Montedison rfiarehni^ for the 
past 18 months, will acquire about 
L30tm at shares in Agricola, the 
Ferruzzi group’s quoted subsidiary 
which controls its sugar interests. A 
seat on the Agricola board wiH then 
be offered to Mr Varan, who will 
then sell 5 per cent of his main 
paint-making company, PAF, to Ag- 
ricola for LIShn. Ferruzzi his also 
promised to invest L35bn in an un- 
named joint business with Mr Vara- 
si. 

The Montedison manoeuvre was 
seen yesterday in Italian financial 
circles as a major development, not 
only because Mr Gardini was 
deemed to have got a bargain, but 
also becanse the Ferruzzi chairman 
is expected to make his presence 
felt more explicitly the 

Montedison boardroom. 

Mr Mario Schimberni, Montedis- 
on's chairman, would only say last 
night that the Ferruzzi share pur- 
chase was carried out wittaut his 
knowledge. 


Reebok pays 
$180m for Avia 
footwear group 

By Our Rnancfof Staff 

REEBOK International, us ath- 
letic footwear and clo thing produc- 
er 37 per cent owned by Fentiand 
Industries of the UK, is to acqcdre 
another US footwear maker. Thirls 
the second such deal by the Massa- 
chusetts-based company in six 
months 

The mim w nv has aareed to nay 
8180m, otsX a shareTfar Avia 
Group International, an athletic 
and casual footwear maker based in 
Portland. Oregon. . . 

The latest deal, whkdi is subjeci 
to regulatory and Avia shareholder 
approval, has ted Avia tb,defec-a 
proposed public offering at between 
$11 and S14 a share. Reebok said 
Merrill Lynch Capital Markets, an 
adviser to Avia, had described its 
offer as Tair Iran a financial, punt 
of view." 

In 1988, Avia boosted net income 
to SASSm from 8674^00 a year earli- 
er on sates more than trebled at 
$70 An, from 821 An. 

Reebok also saw strong growth 
last year, with pre-tax ea rnin gs tre- 
bling to SMLlfon, on turnover up to 
Jfllflm from 8307m. 

Mr Paul Fireman, chairman and 
chief executive at Reebok, said: 
“Avia's complementary strengths 
would position Reebok for further 
growth in the expanding athletic 
and casual shoe market" 

Avia is to continue to operate au- 
tonomously as a wholly owned sub- 
sidiary with Mr Dean Croft remaro- 
ingas 


De Beers sparkles 
as sales increase 

BY JIM JOtSS M JOHANNESBURG 


DE BEERS of Sooth Africa pro- 
duced record revalues and profits 
from diamonds test year amid the 
benefits from two diamond price in- 
creases, a reduction in inventories 

lid wiqu m uff l flutes v nlmwpc 

Sales by the Central Selling Or- 
ganisation (CSO), De Beers' mar- 
keting mtw which controls about 
80 per cent of the wuriifs rough dia- 
mond market, increased to S2J>6bn 

from M,fl9hn A flight i iw p rmwwngnt 

ih -fhe - average 1 value of the rand; 
mean t .tbe CSO’s «iw! e*i 
I«yss©d.m,Sopth African currency- 
rose foi R5 Abn from RL03bn. 

The cartel increased doDarde- 
nomrnated rough diamond prices 


by 7-5 per cent in May and 7 per 
cent in November. The group's dia- 
mond accomtf profit rose to RLSflbn 
from Ri-i<hn- Higher investment 
income, largely from gold mine s , 
and a lower interest Mil contributed 
to a pre-tax profit advance to 
RL52bn from RlJBfan. 

De Beers has respo nde d to tbe di- 
amond market’s recovery by reduc- 
ing its diamond stocks to R1041m at 
the end of 1988 from R4J»bn a year 
eartier. The company says that only 
R129mof the R850m cut in dia mon d 
stocks was due to a real reduc tion: 
the remainder resulted from ex- 
change rate movements. 

However, the change in the value 
of Inventories does not necessarily 
match changes in physical stocks as 
diamonds are valued at different 


points in De Beers’ di stributi on 

rhotw of different tiinx 

The Kc ffi e fontein mine near 
Kimberley, which was dosed four 
years ago when the riwmwmrt mar- 
ket shrank . is meanwhile to be re- 
opened in response to improved de- 
mand for rough gems. 

Production was resumed in Janu- 
ary this year at the Annex Kteinzee 

(Kiininn A ti w iIinpnt plant in NBXD- 

aqualand and the No 8 plant at the 
company's Namibian coastal nnhw 
is to resume production at the 
begi nning of 1988. . T . . 

; T-aat year a judicial conhmarion 
inquiry found that De Beers was 
over-mining the Namibian deposits. 
De Beers refused to jpve public evi- 
tWfl to the inquiry and flatiy de- 
nies tile Commission's finding*- 
Tbe group increased its expendi- 
ture on projecting and research to 
HI 15m from R109m. Part of this 
WaS spent on drilling diamnnd ifi«v 
ous pipes on the Venetia farm in 
the nortliern TransvaaL Venetia is 
owned by Angkwaal and its asso- 
ciates and is being evaluated for 
them by De Beers. 

Johannesburg mining analysts 
are sceptical of De Beer^ report 
that Venetia cannot be mined profi- 
tably at present 

Net earnings, which indude De 
Begs* share of associates retained 
profits, rose to 320 cents a share 
from 288 cents, and the year’s divi- 
dend has been raised to f~ 
from 55 cents. 


Hillards rejects £180m Tesco bid 


BY MCKI TATT 

AN £180m (8284m) bid battle broke 
but yesterday between Tesco, one 
of Britain's hugest supermarket 
chaim Hillards, the 1 01 -year- 
old company which has about 40 su- 
permarkets in Yorkshire, northern 
^pglawi- 

HQlards. whose chairman Mr IV 
ter Hartley is a grandson of the 
company's founder, immediately re- 
jected the cash or shares offer from 
Tesco, saying *7t takes no account 
of future prospects of the compa- 
ny." 

Later toe company added that it 


had "absolutely no int e ntio n " of 
speking a white knight and would 
shortly be writing to shareholders. 

The Tesco bid followed an infor- 
mal approach to Hillards an Mon- 
day night asking for merger ta lk s , 
and the company added yesterday 
that it was still looking fear discus- 
sions with the board with a view to 
a r ftMmmpnrffld offer. The acquisi- 
tion of HiUards, argued Tesco, 
would complement its existing ex- 
pansion plans in the region, where 
it has only 20 stores. 

Although Tesco holds a 115 per 


cent market share nationally- can- 
pared with Hfflantf 1 per cent - the 
larger chain accounts for only about 
3 per cent of sates in the Yorkshire 
zegon.fo an effort to boost its pres- 
ence, it has recently added stares in 
Hull and Blackburn 

The offs consists of 13 Tesco 
shares for every 20 HDterds held 
and 13 Tesco for every 40 Hillards 
convertible preference shares. With 
Tesco up 5p at 475p yesterday, that 
values each HiUar ds share at 309p 
and the entire company at £178.7m. 


Daimler to 
strengthen 
top rung 

By Pater Broca In Bonn 

DAIMLER BENTS finance 
chief. Mr Edzard Reuter, may be 
given new powers by the group's 
supervisory board today in an ef- 
fort to strengthen top manage- 
ment. 

Mr Herbert Lucy, deputy 
duiiuua on the supervisory 
board, which makes all exe c utive 
appointments, yesterday Mr 
Reuter would take op an addi- 
tional, new, post as deputy ex- 
ecutive chairman. 

DPA, the West German news- 
agency, quoted him as saying the 
supervisory board chairman, Mr 
Alfred Henhansen, would rec- 
ommend Mr Renter's pro mo ti o n 
at « supervisory board mee tin g 
today. Mr Henhausea la co- 
chairman of tbe Deutsche Bank, 
which has a 28 per cent stake in 
Daimler Benz. 

Tbe management changes 
have been rumoured ever since 
Daimler, in a series of quick ac- 
quisitions, took over the AEG 
electric sis group, Donuer, the 
aircraft builder, and the diesel 
and aero-engine group FTU in 
1985 and test year. 

Mr Werner Breitschwerdt, the 
p ment e xecutiv e chairman, 
used to be Daimler^ research 
and development director. An 
auto specialist, he has suffered 
from constant pnbfic questioning 
about his quaUficutions to ran 
what is now the country's b ig gest 
■ml richest i w "[ u | i| y 

Mr Renter is often said to have 
been passed over for the chair- 
manship In 1883 becanse of his 
political support lor t he op pori- 
tion Soda! D em o cra t s (SPDl Hr 
Herrhansen is a dose conndnt 

rf iliMMfB ff r Helmut KnM. 

Should Mr Reuter indeed be 
made ■mi wito y My the num- 
ber two man in tbe group, specu- 
lation about his possible rise to 
dm e hui r man sfato is certain to 
begin anew as Mr Breitsch- 
w tjdfs co n t ract expires next 
year. 


Rabobank runs 
modestly ahead 
of lost squeeze 

By Laura Raun hi Amsterdam 

RABOBANK, the Dutch co-op- 
erative bank, raised 1986 earn- 
ings by a modest Tk per cent to 
El 685m (8328m) from last yeart 
FI 688m as higher costs put pres- 
sure on profits. 

Net income rose primarily be- 
cause of a 6 per cent cut in ban 

teas reserves to El 447m from El 
5160, showed for by a hea lt hi e r 
domestic loan porthB n . Rabo- 
bank. the Netherlands' second- 
largest in terms of assets, specia- 
lises in fending to the agricultu- 
ral industry. 

Total income edged up 3 per 
cent to FI 4J4bn test year from 
FI 4Am after a 10 per cent rise an 
i www» and a 4 per 

cent rise In interest focome. Nar- 
rower interest rate margi n s 
s q ue ez ed interest incom e al- 
though credit volume expended 
by 7 percent 

Other income fell by 23 per 
cent as a result of poorer results 
in deafingB with foreign ex- 
change, the investment portfolio 
and naconsoBd nted c o mp a ni e s . 

New bans reached a record 
high of FI 9Jfm, of which about 
60 per cent went to tbe agricultu- 
ral industry. 

Expoufitore rose 6 per amt to 
FI 2J5bn from FI 2.79bn as an in- 
crease in the number of stuff 
poshed up wags costs. 

The balance-sheet total grew 6 
per cent to El 139.7faa from FI 
13L7bn, despite the sharply low- 
er dollar 


NORDISKA 

INVESTERINGSBANKEN 

(Nordic Investment Bank) 


ISGB 


US$20,000,000 
14% per cent. Bonds doe 1990 


reoeinpuuM- l03 225 227 234 340 345 

redemptonare *44 445 446 454 464 485 

351 B2S 632 (&* 659 664 667 669 

M? 685 697 699 702 720 722 7Z7 726 730 7« 749 
P^mern 

bO coupons maturing after toe oaie^ . □ nrK ^ c - coupons 

of SS eS AorineP i9^7should be detached and 

matunng on April I5w and alter April 15. 1987 Interest 

and unnurtured coupons *« 

^ 

Sfrainll“A(CSSIDePO CITIBAfiKO 

London. Paying Agent — — 



THE KINGDOM OF DENMARK 

Yen 10.000,000,000 
Yield Curve Notes Due 1991 

In accordance with the previsions of the Notes, notice is hereby 
given th« for the period from 10th March, 1987 to Wth 
September, 1987. the Rate of Interest will be 7.52512% per annum 
withe Coupon Amount af^ Ybn 38^46240 per Ibn 1,000,000 Note. 

QbmcalBamc 

Agent Bank 


Haig Simonian reports on Iran’s sale of its 25% stake in Deutsche Babcock 

Oil money seeps out of Germany 


THE Iranian Government’s deci- 
sion to sell its 25 per cent stake in 
Deutsche Babcock, (me erf West Ger- 
many's leading heavy engineering 
firms, throws the spotlight once 

a gain qq Hip substantial foreig n in- 
vestments which were built up by 
some o3 producing countries in 
blue-chip European groups in tbe 
heyday of the (dl price boom. 

Last year. Libya derided to dis- 
pose of its sizable stake in Fiat, tbe 
Italian car maker, through a major 
transaction in fo** intwnufofi yi cap- 
ital markets. Meanwhile, Kuwait is 
believed to have substantially re- 
duced its 24J) per cent stake in 
Hoechst, the West Germany chemi- 
cals company . 

Other large Middle East hftMmgs 
in leading West German groups in- 
dude Kuwait s 14 per cent share in 

foimlw - Rpn? and the Ir anian na- 
tional steel company's 25 J per cent 
stake in K"»p p, the steelmaker. 

The reasons for tbe disposals 


Wailing for the benefits of Babcock's restructured 
product range to feed through into corporate 
profits may have been too much for the Iranians. 
The long war with Iraq has placed a drain on their 
liquidity. 


have been mixed. Profitability has 
often been a problem. Iran’s invest- 
ment in Deutsche Babcock prob- 
ably failed to live up to expecta- 
tions. Net group profits In 1084-85 
were just DM 32.1m (S17m) on turn- 
over of DM 5 Jbn. Profits were even 
lower In 1983-84, at DM 281m on 
DM 6.45bn turnover. 

Moreover, Deutsche Babcock’s 
dividend policy has been far from 
spectacular. The company r e s umed 
payments two years ago with a 
modest DM 3.50 a share dividend 
after a two year gap. 

Analysts recognise tbe company 
has recently been putting its house 
m order. 


Like many West German engi- 
neering and construction groups, 
Deutsche Babcock has faced consid- 
erable difficulties in some export 
markets, notably Ra»di Arabia. 
More recently, the company has 
been hit by tbe rise of tbe D-Mark. 

The group has responded partly 
by restruc t u ri ng its product range. 
Deutsc he Babcock is now a major 
producer of environmental protec- 
tion equipment and leads the West 
German market for air cleaning 
and rubbish disposal equipment. It 
is alcn a big manufacturer of water 
treatment plants. 

Waiting for the benefits of such 
activities to feed through into cor- 


porate profits may, however, have 
been too much for the Iranians. Tbe 
long war with Iraq has placed a par- 
ticular drain on their liquidity. 

With a substantial Babcock rights 
issue due next nwntii . the Iranians 
probably reckoned it was time to 
of their stake. 

about their intentions has been bu- 
oying Deutsche Babcock's share 
price for some time. Tbe company's 
equity has been performing remar- 
kably well relative to the market in 
the pari gfo months, <w ‘** or di ng to 
analysts. 

The company is probably pleased 
that the uncertainty has now been 
lifted. "We see the sale as positive," 
a spokesman said yesterday. Iran 
was the only major shareholder in 
the company, whose equity is distri- 
buted between some 20,000 mainly 
West German investors. Placing the 
25 per cent Iranian stake should 
substantially increase liquidity in 
the shares. 


Paramount performance 
lifts Gulf & Western 


BY JAMES BUCHAN IN NEW YORK 


GULF & WESTERN, the US ser- 
vices co ngl o mer ate, yesterday re- 
ported a doubling of net iiwwng in 
the first quarter «i«m January 
thank* to a str o n g performance by 
its Paramount motion picture oper- 
ation. 

Gulf & Western, which increased 
its dividend by a third to 30 cents a 
share for the first quarter, an- 
nounced an increase in mrninp of 
103 per cent to SOSAn, or SL11 a 
share, from S34An, or 55 cents. The 
rise in framings far outpaced mW 
growth of 28 per cat to SUbn. 

The company, which has been 
transformed under Mr Mnrtiw Da- 
vis, the rhairman from a sprawling 
industrial conglomerate info g high- 
ly successful entertainment, pub- 
lishing and financial services COD* 
oera. said that the surge in earnings 
was attributable to tbe continued 


success of last year's string of hit 

fUms, 

These fanhnfod Crocodile Dun- 
dee, the most successful antnmn 
film ever. 

The results, foreshadowed at a 
meeting with Wall Street analysts 
last month, had little on Gulf 
& Western’s share price, which fell 
Stt to 880, still almost double tbe 

level of the b eginning of 1988. 

Tfop company that earning* 

from Simon & Schuster, the pub- 
lishing division, were off because of 

the addition of apqsnnnl IqmM on 
educational publishing in a new 
subsidiary. 

Net income increased in financial 
services. The company the 
growth of its base business in con- 
sumer and commercial financing 
continued 


Pesch offer rebuffed 
by American Medical 


BY OUR FINANCIAL STAFF 

AMERICAN MEDICAL Interna- 
tional, the US private hospital op- 
erator, has again rebuffed the 
SlJbn hid approach by Dr Leroy 
Pesch, a Chicago physician. 

In a letter to Dr Pesch released 
yesterday, AMI said its board be- 
lieved bis revised offer of 822 a 
share for the company was serious- 
ly inadequate, not in the best inter- 
ests of AMI and its shareholders 
and thus it should not be pursued. 

AMI said that tbe bid appeared to 
be "nothing more than a plow for 
the recapitalisation of American 
Mpdinai pursuant to which a sub- 
stantial (we pr es um e controHmg) 
common equity interest would be 
paid to you for accomplishing a 
transaction which American Medi- 
cal could effect by itself if our board 
deemed it doairahia for oar sbare- 
LhoJders." 


• Maxicare Health Plans, the 
acquisitive US operator of health 

Tnaintfrnanrfr organisations 

(HMDs), s uffe red a fourth-quarter 
net loss of $22An compared with 
net profits of SfMhn, or 24 emits a 
share, a year earlier. 

Tbe latest period reflects protax 
operating losses of about $5An at 
HealthAmerica, an HMO network 
purchased b«i mmniw for about 
5400m, and Healthcare USA, 
bought earlier last year for 870m, 
HMOs arrange for the delivery of 
health care services to employers 
and other groups at a fixed price. 

Goodwill amortisation expense 
and net interest expense related to 
foe acquisitions totalled 83.7m in 
tbe quarter and $8Jm in the 1988 
year. 


Investments in 
Germany 


I f your investment strategy indudes multimaiket diver s i fi c atio n of 
assets, West Germany should rank high cm your Bst of priorities. An 
increasing number of cross-border investors - both institutional and 
private - are profiting from tins market of ex pa n d i n g in ternationa l 
importance. 

A nd more and more investors are benefiting from the sound advice and 
investment ffkilh of Bayerische Hypotheken- und Wechsel-Bank, 
Germany’s oldest publidy-quoted bank - founded in 1835 - and one of its 
IfwwliTijj issuing houses. It participates in numerous synd ica t e s, and is a 
securities dealer on all of Germany’s important stock exchanges - trading 
in both stocks and bonds. 


city is extensive, and stems from its intimate 
. knowledge of German corporations, especially in dynamic Southern 
G ennuy . Expert teams of researchers, securities analysts, economists and 

portfolio managers pool their long experience and market knowhow to 


oriented investment decision- m a kin g. 


T o findoui how you can benefit now from the investment opportunities 
in West Germany just contact one of our two specialized teams of 
professionals: 

Institutional Portfolio 

Investment Services Management Services 

Peter Strubretter HolgerDesch 

TfeL: (89) 2366-8614 TeL: (89) 2366-8558 


Modern Banking 

IN THE FINEST ROYAL TRADITION 


liTnllfinfnm 


thw amlfwc 


HYPO-BANK, Bayeriaebe Hypotheken- and Wedad-Bank AG, Theattaertlnuse II, D-8000 Monk* 2 







NEW ISSUE 


Jhuo m O im ctineftqjpcaTsesantaBerqfrKordorJy. 


Han*. 2987 


/fSSs 

Iwoi^obSkI 

International Bank for Reconstruction 

and Development 

Japanese Yen 50,000,000,000 
4%% Yen Bonds due March 10, 1994 (Eleventh Issue) 

ISSUE PRICE 101 %% 


Algemene Bank Nederland N.V. 

Banque Natkmafe de Phris 

Citicorp Investment Bank Limited 

Deutsche Bank Capital Markets Limited 

IBJ International Limited 

Mitsui finance International limited 

Morgan Guaranty Ltd 

The Nlkko Securities Co., (Europe) Ltd. 

Nomura International Limited 

Sumitomo Tfrust International Limited 

Tbyo Trust International Limited 

SjG. Wkrtmrg Securities 


Dama Europe Limited 

Bank of Tokyo International Limited 
Baring Brothers & Co., Limited 


Credit Suisse First Boston limited 
DKB International Limited 
LTCB International limited 
Mitsui TYnst Internationa! Limited 
Morgan Stanley International 
Nippon Credit International Limited 
Salomon Brothers International Limited 
Swiss Bank Corporation International Limited 
Union Bank of Switzerland (Securities) Limited 
Buziaichi International (Europe) limited 


Thisudwrtjsemartamwtiai^tfierequijenimtstflheCoimctiitfThelntematfonalSaKkExzJiangeqftJieUmledKwgdamandrfielitpubljc 
tflreiandlJmtiedanddoesnol constitute an qfferQfcor invitation to subscribefor or to purchase, any securities. — -• - • 


$ 

WHSMITH 


W.H.SMITH & SON (HOLDINGS) PLC 

(Incorporated with limited liability in England, registered number47l941) 

£50,000,000 

7Va per cent Subordinated Convertible Bonds 2002 

Convertible into ‘A’ Ordinary Shares of 50 pence each 

of 

WJLSMITH & SON (HOLDINGS) PLC 

TliefaDowingliave agreed to snbscribe for the bonds: 

Baring Brothers & Co., Limited Cazenove&Co. 

AJgemene Bank Nedeiland N.V Banque Bruxelles Lambert 

Banque Narionalede Paris Barclays deZoete Wedd limited 

QmimerthankAktiaigesdlsdiafl; Deutsche Bank Capital Markets Limited 

Generate Bank Kleinwoit Benson limited 

lioyds Merchant Bank limited Morgan Stanley International 

TheMkko Securities Co., (Europe) lid. Societe Generate 

SumStomo Finance International Swiss Bank Corporation International Limited 

Union Bank of Switzerland (Securities) Limited 

Application has been made to die Council of The International Stock Exchange of the United Kingdom and the 
Republic of Ireland Limited (“The Stock Exchange?) for the bonds to be admitted to die Official List 

The issue price of die bonds is 100 per cent 

The bonds will bear interest at the rate of 7^ per cent per annum payable in arrear The first payment of interest 
will be made on 14th March, 1988 in respect of the period from 13th March, 1987 to Nth March, 1988. 

Particulars relating to the issuer and the bonds are available indie statistical services ofExtel Financial limited and 
copies of the Offering Circular which comprises the listing particulars (as filed with the Registrar of Companies) may 
be obtained during usual business bouts up to and inducting 13th March, 1987 from the Company Announcements 
Office oFTbe Stock Exchange, London EC2 and up to and inducting 25th March, 1987 from:- 


WH. Smith & Son (Holdings) PLC 
StrandHouse 
7HoIbein Place 
London 
SW1W8NR 

Uth March 1987 


The Chase Manhattan BankNA 
Woolgate House 
Coleman Street 
London 
EC2P2HD 


Cazenove&Co. 
12 Tokenhouse Yard 
London 
EC2R7AN 


0 Financial Times Wednesday Match II I98T 

INTL. COMPANIES AND FINANCE 


General Cinema suffers 
from falling attendances 


BY OUR FINANCIAL. STAFF 

GENERAL CINEMA, the US thea- 
tre and Soft drink* txjttixug 
group which recently acquired as 
8J> per cent stake in Cadbury 
Schweppes of the UK. suffer ed a 9 
per cent fall in firstquarter operat- 
ing net earnings from S17.7m, or 47 
cents a share, to 51 55m, or 43 cents. 

The M was due partly to loner 
attendance at the company’s thea- 
tres against last year’s Christmas 
g ga g p p Tp addition, tfre financsog 
costs associated with its purchase 
of 3J5m shares of Carter Bawfey 
H afe Stores for S177Jtan, and its 
£89.7m investment in Cadbury 


Schweppes, reduced profits for the 

latest quarter. 

Thu profits would have 

been greater without a S2^m gain 
on the sale of w™™* 1 shares of 
Sea-Land, a unit of CSX, the US 
railway group. Revenues rose mar- 
ginally from pyt? 1 " to $240 Jrn. 

Mr Rkhaxd South, General Cine- 
ma's <*h«nrn»n | yMr ~VVhfle VC 8ZE 

not off to as good a dart in fiscal 
2987 as we would like, business has 
picked up in the last few weeks.* 

The company expected net pri b 

ring ta ha highly 


improve in the remaining qoarterfl 

of the fiscal year. Haddad that 

sating earnings in its 

would be higher in fiscal l*T7iftbe 

important summer season dm re- 


in addition, its other key-busi- 
ness, General Cinema -Beverages, 
was expkted to achieve record op- 
erating results for the full year, Mr 
Smith said. 

The company's Superstar video 
business, which rents video cas- 
settes in supermarkets^ continued 
to operate at an expected loss. 


uwu 

K ; , ^ i , . i 




Owens Coming boosted by sale 

BY OUR FINANCIAL STAFF 

OWENS-CORNING Hberglas, a tiv© IJ5 bufflffing materials reWfcr. make bath fixtures, ceding products 
y^iTip us producer of p*"«=g fibre Owens-Conring said its restrnctnr- and automotive msuhroo n ana 
products, will reccni a one-time af- ing was “nearfy complete and six; agreed an the sale of foam plants as 
ter^gain of about $80m, or SL90 months ahead of schedule." * well as a ceaHag products plant m 

• - - - • • ~ — Meridian, Missouri. 




value of fee dollar and 

ties and lower far es on certri n dee- 
tinnHrms doe to c o i npeflfi re jiras- 
Spies. " 

The 1088 net 
previous year, 


»ny 

saidpze-taxrral 

22 





Ulet I I a 




Ci 


a 


** 

>1 

LtHUl 

ce 

r 

lif 

•a _ •. 







By Bernard Station In Toronto 

AMERICAN BARRICK RESOUR- 
CES, the ambitious Canadian gold 
producer which last year bought ,a 5 
per cent interest in the internation- 
al mining group Consolidated Gold 
Reids, lifted net income to CUUm 
(SlL3m), or 74 cents a share, last 
year from C34m, or 31 cents, before 
ertradozdinary items in 1985. Reve- 
nues rose from C54&5m to CSSHUhn. 

Barrier’s rapid growth is reftectr 
ed in the 80 per cent jump in its 
share of mine production last year 
to 188J0Q ounces. Mr Robert Smith, 
riiief operating officer, said annual 
o utput was expected to more than 
do uble again to 400,000 ounces 
when a new mine in north-eastern 
Ontario on sUeain in mid* 
1968. ... 

Mr Peter Monk, chairman, said 
last week Barrick had sold appor- 
tion of its stake in Cansgold to rea- 
lise capital gains and to apply fronts 
to the development of the recently 
acquired GoUstrike mine in Neva- 
da. ftwri* has liquid assets of 
around CS140m. 

Barrick has bought interests in 
six gold mines in Ontario, Quebec, 
Utah, Nevada «"d Alaska in an ef- 
fort to attract institutional investors 
to a diversified North American 

gold producer. 


Noranda to 
float forest 
products unit 

By Bernard Simon to Taranto 

NORANDA, the Canadian re- 
sources group, is to take an impor- 
tant step in its restructuring plan 
by offering shares in its forest prod- 
ucts business to the public. 

Noranda said fo** Noranda For- 
est, at present a wholly-owned sub- 
sidiary, would offer an unspecified , 
number of shares in the three i 

months. 

At the same time, Nanmda's con- 
trolling shareholder, Brascan, the 
resources, industrial and financial, 
services conglomerate, has used the 
restructuring of the forest products 
division to make a long-awaited 
change in Noranda’s top manage- 
ment 

Mr David Efcrr, formerly chief op- 
erating officer of Sees Internation- 
al, an em er ge n t wnnrh(mt iwnlr 
controlled by Brascan, will become 
president of Noranda. 

Noranda’s current president, Mr 
Adam Zimmerman, will become 
chairman of Noranda Forest and a 
vice-chairman of the parent compa- 
ny. 

Noranda Forest is a holding com- 
pany the interests of which include 
a 50 per cent stake in the west coast 
forest products company MacMil- 
lan Bloedei, as well as full control of 
Fraser, a New Brunswick timber 
and paper producer, James Madm- 
en Industries of Quebec and Noraxt- 
da Forest Sales, the group’s market- 
ing arm. Noranda Forest also owns 
50 per cent of Nortbwood Pulp and 
Paper, based in British Columbia. 

These companies operate eight 
pulp and linerboard mills, four 
newsprint and groundwood paper 
mills, three fine paper milEs and 
several wood products plants. Nor- 
anda Forest earned C51S6m 
($119m) last year from sales cm a 
consolidated basis of over CSSbn. 





imarest Raw AM m. Inrarwt toiod 
March 10. 1987 n Senwmbw 3, 1987. 
iramst PtvsWo per USS1Q0400 Note 
US53.19SB3 




^ Points from die StatementJby 

- the Chairman, Jonas af Jochnick. 

* An overall increase in pre-tax profit of 26% 

* Strong increase in return on financial assets 

* Continued growth on aHimajor direct sales 

markets ' ’ ^ • *® T 

* Successful re-structuring of Guldfynd 

* Announcement of the proposed 
acquisition of The Goldsmiths Group Pic 

* Final dividend of 18.5p making 29 5p for 
the year, an increase of 20.4% 


’>.-1 lilJ c«7T^TT?»f f-i * *»:-7Tn 


Sales 

Operating profit 

Other income and expenses, share 
of results of associated companies 

Profit before tax 

Tax 

Profit aftertax 

Earnings per share 
Dividend per share 


Year caused 
31 m December 
1986 

SOOO 

59,345 

•Year ended- : 
31st December 
3985 
£000 

39,356 

4,933 

5,114 

2,473 

772 

7,406 

920 

5,886 

446 

6,486 

• 5,440 

59-7p 

29-5p 

51.0p 

24.5p 


Copies of the Report and Accounts for 1986, containing the notice of the Annual General 
Meeting and the Exuaotdinaiy Genecd Meeting io be hdd oq 6th May, 1987 can be obtained 
on or after 13th April, J987 from Morgan CflsifcB ft Co. limited. New lftue Department; 

21 Austin Frtan, London EC2N 2KB, where arrangement may also be made foe voting by proxy. 

Oriflame International SA is (he holding company of an international 
group operating in 25 countries. Onflame's business covers the direct 
sales of its own brand of cosmetics, the majority of which it fbrmiiiates 
and produces; the speciality Jewellery retail dialns Guldfynd and . 

Goldsmiths with extensive coverage In the UX and Sweden; the maU 
cxder group lagonda whidi is established throughout Scandinavia; and 
the Heritage Horel diain in the UJC. 

Oriflame International sa 



Information wanted? 
Write EOlBox 19164, 
1000 GD Amsterdam. 



’-‘Vrl 

















— rc. . %- a : 




financial Times Wednesday March 11 1987 


INTL. COMPANIES and FINANCE 


Hongkong Bank 

BY DAVID DODWBJL IN HONG KONG 


plans rights issue 


MR WHILES POKVES. the 
^ongkong and Shang hai 

"•aMnic Corporation's recently- 
appointed chairman, yesterday 
revealed that the hanfr intends 
to mount _ a rights ' Issue to 
ntee HK$fc3bn <US*423Jm). 


it2» 








-gss 

4 ntS! 


«a DoaniK 

cnmmlp hi its shtha. Despite 
rumoc ”' he said the 
hank had no specific plans to 
' Purchase a bank in E&nipe... . . 
. .. comments were made as 
' reported atrlbotable profits 
•for 1886 of HR&LQflbfi. m> 12.4 

?«rc Ce 2LJ? ,n HKS2.7bn In 
i»85- Significant gains ' had 

■ come, he said, from- invest* 
ments in Canada, and from 
Profits earned by James Capel, 
flie London stockbroker which 
has been wholly-owned by 
• Hongkong Bank since April 
last year. Banking opera tions 
in Bong ZCong had been 
buoyant despite fierce competi- 
tion and tight Profit margins. 


as loan demand improved over 
the year. 

Overall, however, group per- 
formance was “ uneven," Mr 
Purves said. The hank has 
made provisions against pos- 
sible bad debts by Marine 
Midland Bank, its US sub- 
sidiary, which has loans 


u# u»*wvm out- 
standing to the Brazilian 
Gove rnm ent. 

Bank profits in the Middle 
East remained depressed, while 
provisions have been made 
against possible bad debts is 
Singapore and Malaysia, where 
business was depressed through- 
out 1986. . Mr Purves did not 
reveal total provisions. While 
noting that they were larger 
than he would like, he insisted 
they were lower than 1985, 
when special provisions had to 
be made for bad debts in the 
shipping sector. 

The group's profits were at 
the top end of expectations, but 
the rights issue was expected 


to be poorly received by market 
operators in Bong Kong. 
Rumours that a rights issue 
was Imminent stripped almost 
80 points from the Hang Seng 
index, which closed yesterday 
at 2,731.05 down 89.33 points on 
the day and more than 200 
points below a record Ugh 


auucvcu « wcca d^u. a runner 

steep fall is predicted wben 
trading begins on the stock 
market in Hong Kong today. 

Shareholders are being asked 
to subscribe to the issue of one 
new share for eight already 
held, at a price of HK$7 a 
share. This compares with a 
weekend close of HKJ10.70 a 
share. A one-for-elght bonus 
issue will accompany the rights 
issue. 

Instead of offering a final 
dividend, Mr Purves revealed 
that the board is proposing a 
“ special interim dividend ” 
that it hopes will be used by 
shareholders to subscribe for 
sew shares. The special divi- 


dend will be 28 Hong Kong 
cents, compared with a final 
dividend of 26 cents In 1985, 
giving a total for the year of 
41 cents per share against 38 
cents in 1985. 

Apart from the boost to the 
bank’s capital base that will 
come from the rights issue, Mr 


runres announced inai ruv^zon 
has been transferred from inner 
reserves to the bank’s reserve 
fund. He saJd these moves are 
intended “ to bring share- 

holders’ funds more into line 
with the assets of the group." 
which grew by about 30 per 
cent last year. 

However, the greatest interest 
focussed on how the bank 

intended to use this fresh cash 
injection. It comes on the 

heels of a HK$2.7bn windfall 
from the sale of stakes in the 
South China Morning Post 

newspaper group and in Cathay 
Pacific Airways. The bank has 
also in the recent past raised 
USSLSbn by issuing perpetual 
floating-rate notes. 


^ NZ to sell 30% of Petrocorp 

by DAI HAYWARD IN WELLINGTON 




the new ZEALAND Govern- 
ment is to sell 30 per cent of 
the state-owned- Petroooip, the 
oil and natural gas exploration 
development and production 
u corporation. 

• Some 200m voting shares -will 
I be sold to the public- at a price 
;yet to be specified, leading to 
a listing for Petrocorp on the 
stock exchange. The move is 
seen as part of the Govern- 
ment’s effort to reduce the 
national deficit 
Petrocorp operations include 
half of the Maui natural gas 
fields offshore from the town 
of New Plymouth. It also runs 
the Natural Gas Corporation 
which owns the reticulation 
network carrying natural gas 


throughout the North Island! 

In addition, the group owns 
and operates various oil fields 
including the profitable McKee 
production field. It has a 
methanol plant and an 
ammonia-urea plant which 
process output from the Maui 
offshore as well as the Kaponi 
onshore gas fields. 

The 51 per cent government 
stake in the Kaimiro and 
McKee oil fields has just been 
transferred to Petrocorp for 
NZSlBOm (US$90 -27m). The 
purpose of the acquistion was 
to improve Petrocorp profit- 
ability. Mr Bob Tizard, the 
Energy Minister, said the pur- 
chase also consolidated Petro- 


corp ’s position as a crude o0 
supplier. 

The successful McKee field 
will help make Petrocorp a 
more attractive proposition for 
shareholders, Mr Bill Falconer, 
chief executive, said with the 
new additions the com p an y 
would be very profitable next 
year. 

The share issue will signifi- 
cantly increase the company's 
capital from the present 
NZ$450m. In its last fin and al 
year to March 1986, Petrocorp 
made profits of NZ$8 .8m on 
turnover of NZ$527m. The sale 
is expected to be finalised 
before the country's general 
election In September. 


Sharper teeth for share watchdog 


BY CHRIS SHERWBLL IN SYDNEY 


CHANGES are in prospect in 
the responsibilities and financ- 
ing of the National Companies 
and Securities Commission 
(NCSC), Australia's share 
market watchdog; following a 
meeting of its mtnfutarial coun- 
cil last week. 

The shift reflects an assess- 
ment that deregulation of 
8«anrf»i markets has mads sur- 
veillance more difficult, and 
coincides with recent sug- 
gestions that the NCSC lacks 
the resources- and authority- to - 
do an adequate job. . . 

According to Mr Terry 
shnahan, chairman of the 


Singapore 
h ank lifts 
profits by 49% 

By Steven Buffer, . 

Singapore Correspondent 
THE Development B ank of 
Singapore (DBS) group moved 
sharply ahead last year, lifting 
net earnings by 49 per cent to 

S$13557m (US$63.42m). 

M«ch of the increase was ; 
accounted for by a special divi- 
dend of S$20.4m from the 
National Discount Company 
before it became a w holly-owned , 
subsidiary of DBS. National 
Discount has been appointed a 
primary dealer in Singap ore’s 
new government bond market, 
which is expected to begin oper- 
ation shortly. 

Excluding the special divi- 
dend, group after-tax profits in- 
creased by 28.4 per cent. 


NCSCs ministerial council, the 
NCSC has bees asked to pre- 
pare detailed options for raising 
additional funds and to spell 
out how it would spend the 
extra funds. 

At its meeting the council is 
said to have acknowledged the 
need for an increase and agreed 
in principle that this should be 
done through a self-funding 
scheme — in effect, levying 
farther charges for its services. 

Mr Sheahan urns also quoted 
as saying that the so-called 
"cooperative" scheme between 
the NCSC and the Corporate 
Affairs Commissions of the 


various states was a "horse and 
buggy institution" Dying to 
control a rapidly changing 
industry. 

The NCSC has meanwhile 
Indicated that it intends to acr 
on the reinforced powers it 
secured during the recent case 
involving trading in the shares 
of Humes, a Melbour ne building 
products company. 

Hi file case, the Victoria 
Supreme Court backed the 
NCSC over a private inquiry 
it conducted into a major pur- 
chase of Humes shares which it 
found s u spicious and declared 
“unacceptable.” 


Plantation and property 
setback hits Genting 

BY WONG SULONG IN KUALA LUMPUR 


PRE-TAX PROFITS of Genting. 
the Malaysian casino, 'plantation 
and property group, fell by 7 
per cent to 172m ringgit (US$ 
68.8m) last year, on turnover 
down 6 per cent to 411m ringgit. 

The decline was largely due 
to a sharp drop in earnings 
from the plantation and pro- 
perty divisions. The gaming 
operations remain buoyant Net 
profits were 8.6 per cent lower 
at 91m ringgit. 

Instead of a final dividend, 
Genting has announced plans 
to hive off its Genting Inter- 
national subsidiary, which it 
intends to have listed on the 
Hong Kong Stock Exchange. 

The unit will issue 230m 
shares of 10 Australian cents 


each to Genting shareholders 
after which it will make an 
issue of 20m new shares to 
Hong Kong residents. 

Genting said that after the 
listing exercise, it would hold 
only 13£ per cent of Genting 
International, whose results 
would no longer form part of 
the group’s consolidated 
accounts. 

The exercise would result in 
the 14m family, Genting’s 
biggest shareholder, having 
direct control of Genting Inter- 
national, with a 35 per cent 
stake. 

Last year, Genting Interna- 
tional had after-tax profits of 
A€l&5zn (US$12 .57m). 


Overseas 
side boosts 
Burns Philp 

By Brace Jacques in Sydney 

BURNS PHILP, the diversi- 
fied Australian food, shipping 
and hardware group, has 
extended its three-year re- 
covery with a strong Decem- 
ber half profit performance, 
but about 76 per cent of its 
earnings came from overseas 
operations. 

The company lifted after- 
tax profit by 38 per cent to 
A$27.7m (US$18Am) on a 
modest 4 per cent rise in turn- 
over to A$669.6m. The 
interim dividend has been 
held at 16 cents a share and 
will he paid on shares Issued 
in a one-for-five offer last 
year. 

Food operations accounted 
for more than half of earn- 
ings with a A $1 4.9m contri- 
bution. more ft— double the 
previous year. Both hard- 
ware and shipping operations 
had lower profits, but earn- 
ings from Pacific Island 
trading doubled to jnst over 
A$3m. 

Mr Andrew Turnbull, the 
chief executive, acknowledged 
that Australian operations 
had been flat and all of the 
profit Increase bad come from 
overseas, particularly Fleiseh- 
matm’s, the US food group, 
which was acquired recently 
for A$130m. 

Downturn 
for Sanyo 
Electric __ 

Yoko ShBata In Tokyo " 
SANYO ELECTRIC of Japan 
has reported consolidated net 
profits for the year to Novem- ; 
her down 942 cent to ILlbn 
($13-7m), a performance 
which it blamed on lower ex- 
port earnings by the parent 
and deficits at its three US 
subsidiaries. 

For the current year, earn- 
ings of the US units are ex- 
pected to recover 
Group net profits are pro- 
jected at Y14ta on turnover 
of YL350bn, up 143 per cent 
from the latest YUfilbn. The 
higher sales will stem largely 
from the full absorption of 
Tokyo Sanyo Electric, pre- 
viously an affiliate. The total 
will still not reads, though, 
the £l,50dbn for 1985. 

In the past year, domestic 
sales moved ahead by 4 per 
cent to Y537-6bn while those 
overseas plunged 34 per cent 
to Y643.4bn, affected by Slug- 
gish exports of video cassette 
recorders and television sets. 




KOREA FIRST BANK 

{Incorporated Wit* limited tiabiEty in the Rtpubtic of Korea} 

U.&$50, 000,000 

Floating Rate Notes Due 1996 

In accordance with the provisions of the Floating 
Rate Note, notice is hereby given as follows: 

Interest Period " March 11, 1987 to 

September 1 1 , 1987 (184 days) 

Rate of Interest : 6%% per annum 

Coupon Amount : US$3,450 

per denomination 
(US$100,000.00) 


LTCB Asia Limited 


The Bear Stearns Companies Inc 

(A corporation organised under the laws of the 
1 State of Delaware, USA) 

VS$ 200,000,000 boating Rate Notes Due 1994 

For the three month period 
10th March 1987 to 10th June 1987 
the Notes will cany an Interest Rate of 
fPA&% per f^rntm with an Interest Amount of 
I TSS167-71 per US$ 10,000 Note payable on 
10th June 1987 


ECU 125,000,000 

Floating Rate Depositary Receipts due 1992 

Issued by The Law Debenture Trust Corporation p.Lc. 
evidencing entitlement to payment of principal and 
interest on deposits with 




BANCO DI ROMA 

London Branch. 

Notice is hereby given pursuant to the Conditions of the 
Receipts that far the six months ham 5th February, 1987 to 6th 
August, 1967 the Receipts will cany an interest rate of 7Vi% 
per annum* __ 

OnBth August, 1987 interest of ECU 37.71 will be due per ECU 
1,000 .Receipt, ECU 3 77 .0B due per ECU 10,000 and ECU 


Mitsubishi Finance International limited 
Reference Agent 


Bankers Trust 
Company, Loudon 


Agent Bank 


11th March. 1987 


S American Savings and 
Loan Association 

US. $200,000,000 

CoBaterafeed Floating Rate Notes Due 1996 

Notice k hereby given that the Rare of Interest has been fixed at 
645% pa. and that the interest payable on the relevant Interest 
Payment Date, Se p tember II. 1987 against Coupon No. 2 in 
respect of US$100,000 nominal of the Notes wffl be 
U .5 .$3,398-89 and in respect of US$250,000 nominal of the Notes 
wa be U-Sl$8. , 497-22. 

Modi II. 1907. London . ,- r 

By: Gdbank. HA. (CSS Dept.), Agent Bank CfTlBAN\Q 





H) HIGHVELD 

^ STEEL AND VANADIUM CORPORATION LIMITED 

^ (Incorporated In the Republic of South Africa) 

Record performances for 1986 


From the review by the Chairman Mr. 1— Boyd 

It is pleasing to report that during the year 
under review the group’s financial results were the 
best ever, with record performances in all areas. 
Earnings per share increased to 85 cents compared 
■with 58 cents in 1985. The attributable profit was 
R60144000 after providing for net fin a nc ing 
charges of R35 411 000, depredation of R34 918 000 
ap d deferred taxation of R33 000000. 

The group’s deferred tax provision has increased 
to R135.2 million, and this should ensure that the 
tax charge in later years does not absorb a dispro- 
portionate amount of income earned in those years. 

The income statement for 1986 reflects an 
extraordinary item arising from the conversion of 
Trans alloys to a wholly-owned subsidiary. 

During 1986 the group issued R80000 000 
redeemable preference shares in Highveld and 
R65 000 000 in Rheem South Africa (Proprietary) 
Limited, with a corresponding reduction in the off- 
shore loans raised during 1985. 

Group turnover of R816 337 000 was also at a 
record level, and although margins showed an 
improvement over 1985, the inflationary trend with 
regard to the major operating cost elements con- 
tinues to be a cause for concern. , ... 

In view of the results achieved, a final dividend 
of 20 cents per share has been declared. The total 
dividend is 30 cents per share compared with 24 cents 
per share in 1985. 

STEEL 

Apparent total world steel consumption in 1986 
was 721 million tons, and although the International 
Iron and Steel Institute forecasts a simil ar level for 
1987, it is worth noting that an increase in the 
apparent steel consumption in developing and com- 
munist bloc countries will be offset by a correspond- 
ing decrease in the Western industrialised countries. 
This trend is expected to continue for the foreseeable 
future. 

In South Africa, the high level of activity in the 
minin g sector helped to maintain the demand for 
steel in the first 10 months of 1986. There was the 
usual seasonal decline in domestic demand in the 
final months of the year, but overall South African 
steel consumption showed an increase over 1985. 

In the first quarter of 1986 Highveld increased 
the domestic prices of structural sections and flat 
products by about 9.5 per cent, and again by 12 per 
cent in August. This was necessary in order to 
restore profit margins which have been under con- 
stant pressure from increases in power, railage and 
raw materials. 

During the year, legislation was introduced in 
several countries prohibiting the importation of 
certain South African products, including all steel 
products. The measures became operative in the 
European Economic Community on September 27 
1986 and, in the United States, legislation passed on 
October 2 1986 became effective on December 31 
1986. Clearly, the loss of these important markets 
presents a challenge to management to place the 
steel in other areas. 

VANADIUM 

The supply/ demand position for vanadium was 
favourable for producers in the early months of 1986 •* ' 
but in pie second half of the year there was some 
slackening of demand. Lower steel production in 
industrialised countries and the fall in demand for 
steel products for the oil industry were the main 
causes of the reduced usage. 

China’s future role in the world vanadium 
market is still an unknown factor in the total supply/ 
demand situation, but overall world vanadium con- 
sumption during 1987 is expected to be similar to the 
1986 level. 

World vanadium production capacity is still 
believed to be adequate to cater for any foreseeable 
demand and, when new projects are being studied, 
the inevitable impact on price of an oversupply 
position should be considered carefully. 
FERRO-ALLOYS 

Overseas markets for ferrosilicon improved 
steadily during the first half of the year and sales 
during this period were satisfactory in terms of both 
volume and price. During the second half of the 1 
year, despite prices declining in sympathy with the 
general downturn of steel production in the major 
producing countries, sales volumes were reasonable. 

Demand in the overseas markets for silicoman- | 
ganese remained firm throughout the year. Prices 
increased during the first half of the year as the ! 
United States dollar depreciated against most major < 
currencies but tended to weaken towards the year 
end. . 

Both Rand Carbide and Transalloys continued i 
to make significant contributions to the group per- ; 
form an ce. 1 


9^ kkM 

Overall, Rheem showed improved results over 
the previous year and is well positioned to meet the 
challenges of 1987. 


The group’s personnel strength averaged 7 430 
compared with 7133 in 1985. Labour turnover 
re m a in ed low at 10.3 per cent per annum. 

The annual negotiations of the group’s bouse 
agreement were again prolonged, but agreement 
for 1986/87 was eventually readied with all the 
unions associated with Highveld, and this has 
brought a further reduction in the * wage gap ’ as 
measured by the ratio of the highest hourly paid rate 
to the lowest hourly paid rate. The ratio is now 2,6:1 
compared with 2,7:1 last year and 5:1 hi 1971. It is 
encouraging to note that the emergent unions in the 
metal industries are beginning to acknowledge the 
advantages and benefits of centralised bargaining. 

For the period under review the corporation 
continued to train apprentices at the same rate as in 
1985. The total number of apprentices remained at 
300, of whom 53 were blade. The Artisan Training 
and Recognition Agreement for the Metal ana 
Engineering Industries (ATRAMI) continues to be 
anlmpartant avenue towards the training of artisans. 
At present, 60 employees are undergoing training, 
48 of whom are black. To date, 47 black artisans 
have been trained by the corporation and the group 
currently employs 44 black artisans. 

The removal of influx control is welcomed, and 
tile whole question of urbanisation has now become 
an important aspect for the authorities and the 
private sector to address to ensure that the urban- 
isation process develops in an acceptable manner. It 
is unfortunate, however, that the Group Areas Act 
remains intact, as this will prevent the normalisation 
of society. It would be better to allow economic 
factors to determine housing issues and social asso- 
ciations, as the current regulations lead to unneces- 
sary duplication of infrastructure and higher capital 
costs. 

The corporation’s intention is that affirmative 
action towards job enhancement and career develop- 
ment will receive increasing attention in the coming 
years. This is essential to ensure greater black par- 
ticipation in the free enterprise system and to reduce 
the shortage of professional and managerial skills in 
South Africa. 

OUTLOOK 

Forecasting in the present situation is extremely 
difficult because it is clear that major changes in the 
socio-political field are required before overseas pres- 
sures are removed. It is therefore essential that the 
Government expedite the reform process and it is 
hoped that the white electorate will rive this clear 
message at the forthcoming general election. 

It has been disappointing to note the number 
of the country’s blade leaders who have advocated 
sanctions and disinvestment. There is no doubt that 
this support had a major impact on the international 
campaign. These actions are shortsighted and 
extremely harmful to all South Africans and to the 
economy in both the immediate and long term, 
'firstly they cause unemployment and hardship 
among the black people whom they are intended to 
help. Secondly, markets lost through sanctions will 
be difficult to recover when, in the longer term, the 
situation is normalised. Thirdly, there is no evidence 
to suggest that foreign companies which have been 
forced to disinvest will return to South Africa. Their 
contribution may, therefore, be lost forever. Finally, 
it would appear that these actions have caused the 
South African Government to retard the reform 
process, and the measures advocated are thus failing 
in their objective of bringing apartheid to an end. 
It is essential that these blade leaders recognise this 
failure and reverse their positions on this important 
issue. 

In the group’s export markets it is expected that 
sales of vanadium and ferro-alloys will be satisfac- 
tory but, as mentioned earlier, new areas need to be 
developed for some of the steel products. Most 
economists are forecasting a growth rate of 3 per 
cent for the South African economy in 1987 and 
domestic sales should show a further increase over 
1986. It is expected that the appreciation of the rand 
will be offset to some extent by increasing US dollar 


level, but are expected to be lower than the record 
results of 1986. 

GENE RAL 

I would like to thank fee managing director 
John Hall, the management and all employees for 
their efforts during what has been an excellent year 
and I am sure they will rise to the challenges that 
face them in 1987. 


London Office: 40 Holbom Viaduct, EC1P 1AJ 


TOs BdvertiBBmfflrt does nefl constihrtg m inriuiiimi to any person to subscribe far or 

pa nda s e s hares Appb c ato n has besn in sds toibeCbaisal of The Socfc &dihnB Sfeg 

tte'wlrieofltoissaiedBKtoEgystoracaaiialor Himrtngrin n lntpmntin nal Hnlrtmgepft. 


SPONSORED SECURITIES 








Gross Yield 


Hlob Low 

Company 


Piles Change drv.(p) % 

P/E 

161 

118 

Am, Brit. Ind. Ordinary .. 

ms 

160 


7.3 

4.8 

9-8 

183 

121 

Aas. Brft. Jnd. CULS 


»K 

— 

10.0 

6.1 

— 

40 

ZH 

Armitape and Rhodes ......... 

.... 

36 


4.2 

12.0 

4-9 

80 

84 

BBB Design Group (USM) 

••• 

75 

— 

1.4 

1.9 

1 13 

221 

1F*1 

Bard on Hill Group ............ 


221 

— 

4.6 

2-1 

25.1 

104 

55 

Bray Technologies 

lllt 

104 

+ 1 

4.3 

4.1 

12-3 

138 

75 

CCL Croup Ordinary 

MSS 

132 

— 

23 

23 

9.4 

107 

98 

CCL Group 11 pc Conw. Pf. 

MB 

93 

— 

15.7 

15-9 


271 

118 

Carborundum Ordinary .... 

• as* 

268 

— 

9.1 

3.4 

123 

S3 

80 


mmm 

83 

— 

10.7 

11.6 

s— 

125 

75 


■ as 

BB 

+ 1 

3.8 

A3 

2. a 

114 

57 

Ind. Prod «i on Castings 

... 

114 

— 

6.7 

6.9 

10.2 

176 

121 

laia Group 


121 


18.3 


— 

124 

101 

Jackson Group ................... 

118 

— 

6.1 

6.1 

8.1 

377 

290 

Jamas Burrougb ............... 


366 


17.0 

4.0 

10.3 

100 

f» 

Jamas Burrougb 8pe Pf. ... 

•a. 

89 

+ 1 

12.9 

14-5 


1035 

342 

Mulilhouam NV (AmstSE) ... 


755 

+15 


— 

39.5 

an 

260 

Rocord RWgwey Ordinary ... 

... 

356 

— 

— 


S3 

100 

83 

Record Rldgway lOpe Pf. _ 

... 

83 


14.1 

17JJ 

— 

81 

97 

Robert Jenkins .................. 


80 




— 

4.0 

64 

30 

Scnmans 

— 

64 

+ 1 


— 

•— 

150 

67 

Tor day and Ca dials ........ 

... 

149 

+ 1 

S.7 

3-8 

9-0 

340 

321 

Trevian Holdings 

324 

— 

7-9 

2.4 

8-7 

90 

42 

Unilock Holdings (5E) 


80 

— 

2.8 

3.1 

1&B 

129 

66 

Walcsr Alexander 

... 

129 

+ 1 

5.0 

3-8 

12-3 

too 

180 

W. S. Yeatsa 


193 


17.4 

9.0 

19J 

89 

67 

West Yorks. Ind. Hosp.(USM) 

99 


5-8 

5.7 

14.1 

GxasviDe & Company Limited 

Granville Davfca Cofctnan limited 

B Lcvaz Lane, London EGJR SEP 

27 Lovar I. anr, London EC3R SDT 

Telephone 01-621 1212 F53 



Telephone 01-421 1212 

Member of FIMBRA LzJ 


Member of die Sack Exchange 


each, at the Cbmpany id be admitted bo the Offioal last. 

HUNTINGDON INTERNATIONAL HOLDINGS pic 

flnearparatedin Eagianct registered' Afo. S0237Q) 

lal mitenUre to The Stock B i cfc apg afcy 
SCHRODERS 


Aatbcdsed 

£1,500,000 


Shan capital 


in Qntinmy stores nf Hp «mrh 


Issued and tufty paid 
£40X90190 


fertScolais retefing to the Company are contained in new tone raids axchkfed by 
Hob! Satirical Sarvtoa Limited and copies of fame casta may be obtained during 

iMnnal h«anfgB toms opto and gn±Etog2Sai&B±. lB8Z,6zaa 

JHany Schroder Whgg&Ca Limited, HunHnytiv, fre m w n n i u .1 emtBi*. , rJr. 

120 Cbeopsda, Woolley Road 

tal do n EC3V 6DS. Alconbary, Huntingdon. 

C am b nd g a bira PE 1 B 6 ES. 

XJecrrrart Gei&veson and Co, 

20 Feocfau rch S treet, 

London EC3P 3DU 

and dozing nmrnni hwnpa touts on 12 tfa «nri 13 th fo rm- 

71S fint M ]«aii y Annrmrytt mpwtg OffiOB, 

The SrocJ: Exchange, 

T hro g m orton Street, 

London EC2P 2BT. 

11& March. 1987 





INTERNATIONAL CAPITAL MARKETS 


US stock index battle hots op 


AS THE effects on stock market 
volatility of grouped expiry 
dates for stock index futures 
and options continue to be scru- 
tinised by the regulators, the 
battle for market share m the 
stock index futures sector is be* 
ginnin g to beat up again. 

Until recently, it was a battle 
which the Chicago Mercantile 
Exchange, with its Standard 
and Poor’s 500 index, appeared 
virtually to have won. An 
S and P 100 contract, which 
traded a staggering 1134m lots 
in 1086. has put the Chicago 


Board Options Exchange in .a 
similarly strong position in 


similarly strong posi 
stock index options. 

Although the CUE'S S and P 
500 volume is no match for the 
nearby options exchange at 
19.5m lots in 1986 (a healthy 
29.6 per cent increase from a 
year earlier) it has nearly 75 
per cent of the domestic stock 
index futures market. 

The CEOE’s relaunched SAP 
500 option— the fastest growing 
US exchange-traded product 
last year — looks like consoli- 
dating the Chicago exchange's 
pre-eminence, despite the con- 
tinued good health of the 
American Stock Exchange's 
Major Market Index option, 
based on a selection of shares 
that closely matches the perfor- 
mance of the Dow Jones indus- 
trial average. 

In stock index futures, while 
the major market index (Maxi), 
traded at the rival Chicago 
Board of Trade, has by con- 
trast, been setting a string of 
new volume records, open 
interest on the CME*s still 
dominant contract has recently 
fallen off (see chart). 

Two further stock index pro- 
ducts, launched like the S&P 
500 index Itself in the first half 
of 1982, continue to plug away 
in Kansas City and New York 


respectively, showing scant sign 
of fading into oblivion. 

Volume on the Kansas City 
Board of Trade's Value Line 
average bodes fell 12 per cent 
in 1966 to 2.7m lots. However, 
that at the New York Futures 
Exchange's NYSE Com posits 
Index future rose 10 per cent 
to 3.1m. Moreover, NYFE feels 
confident enough about its 
immediate prospects to the 
sector to be planning a String 
at three new contracts, based 
on the Frank Russell group of 
indices for launch later in the 
year. 

The CBOT, too, has a new 
product in the works in the 
form of a futures contract based 
on the Institutional Index — a 

capitalisation-weighted, 75-stock 
lues developed by the Ameri- 
can Stock Exc h a n ge. 

The fact that the gravitation 
of business towards the CME 
has failed to snuff out any of 
these three rivals is In itself 
unusual in the highly competi- 
tive futures industry. 

This cut-throat competitive- 
ness was very much In evidence 
five years ago when the initial 
rush into stock index futures 
began. 'Within three months of 
the introduction of the KCBT’s 
value tine average index on 
February 24, both the NYFE 
and the CUE had already 
entered the fray. 

By June 1985, as many as 20 
new derivative stock index pro- 
ducts were awaiting regulatory 
approval. However, the failure 


BY DAVID OWEN IN CHICAGO 

ring scant sign horribly— baa had a simi la r 
ivion. effect 

e Kansas City Indeed, the c ur r e n t success 
8 Value Line ttf the Sfmd, an which 1986 
U J 2 per cent volume more than quadrupled 
ots. However, to 1,7m lots, must be gratifying 
York Futures to CBOT officials, who have 
iE Composite presided over a somewhat 
e 10 per cent chequered career for the 


!*P 500 


1 50c contracts y r 7 ? / r rr ~- r ~ r * 

/!>■ 


KQ \ 


a/v 


OPEN INTEREST 


O I— l 

1864 1965 


1886 ttST 


of various attempts to launch 
so-called M suotodices," based on 
specific industry stock groups, 
has since tended to slow the 
rush of new applications. 

The late 1985 fiasco, when the 
two powerful Chicago rivals 
simultaneously launched over- 
the-counter stock index futures 
in a $4m blaze of publicity— 
only for both contracts to flop 


exchange In the stock index 
area. 

In 1982, three years before 
the embarrassment of the failed 
over-the-counter index, the 
exchange’s attempts to join in 
with the first spat of stock index 
launches had also ended in 
failure when permission to trade 
an Index future closely match- 
ing the Bow Jones Industrial 
Average was blocked in the 
courts. 

But can the CBOT or even 
NYFE’b soon -to -be -expanded 
stock Index futures sector pose 
a serious challenge to the CME 
and its previously all-conquering 


S&P 500 future? History cer- 
tainly suggests that once a 
product has established domi- 
nance in a certain futures sector, 
it is very hard for Its rivals to 
fight back. 

According to Mr Leo 
Melamed, special counsel to the 
CHE. the decline in S&P 500 
open interest represents 
nothing more than the normal 
ups and downs of the market. 
** I don’t think there is a signi- 
ficant change to be concerned 
with." 

However, at least two factors , 
appear to be in play which may 
be combining to sap the CHE 'S 
stock index market. 

First complaints about the 
quality of order filling in the 
CXE's crowded pH have been 
gathering momentum in recent 
weeks — complaints which Ur 
Melamed admits are at least 
partly justified. On January 23, 
a particularly volatile day 
** some people did business on , 
the CBQE out of frustration. 11 1 
according to Mr Jack Lehman, 
a senior executive at Shearstm 
Lehman in New York. 

An exchange committee is 
considering various proposals 
for improving the situation. In 
the meantime, fears persist 
that if standards do not 
improve, some business may be 
lost permanently to more 
efficient markets. 

In addition, a trickle of Inde- 
pendent S&P 500 traders has 
started to wend its way across 
Chicago’s Loop in the direction 
of the CVBOTa fast-growing 
contract, attracted primarily by 
the prospect of cheap seat 
ownership. Whereas CME index 
options market membership now 
costs $138,000, a seasoned stock 
index 'trader could still pick up 
an Index, Debt & Energy market 
seat at the CBOT in early 
February for little over 920,000. 


Fed allows banks to buy stake in broker 


BY WILLIAM HALL IN NEW YORK 


THE FEDERAL Reserve Board 
yesterday permitted 14 big 
commercial banks to acquire 
shares in Liberty Brokerage, an 
interdealer broker id US 
government securities. The 
move is expected to increase 
competition. 

The Fed has approved the 
applications of 11 US commer- 
cial banks and three foreign 
banks to buy shares in Liberty. 
All the big New York money 
centre banks, the two big 
Chicago banks, plus Bank- 
America and First Interstate on 


the West coast, are among this 
group. 

In addition, Hongkong and 
Shanghai Banking Corporation, 
the majority owner of Marine 
Midland of New York, Midland 
Bank from the UK and Aus- 
tralia’s Westpac have been 
approved. 

Liberty Brokerage owes its 
formation to a group of primary 
dealers who wanted to enter 
the US government securities 
brokerage business because of a 
belief that commission rates 
charged by existing interdealer 


brokers were excessive, given 
the greatly expanded volume of 
business and the perceived level 
of risk. 

Salomon Brothers, a leading 
player in the US government 
securities market, purchased 
liberty in September 1985 and 
six months later offered its 
shares to then-designated pri- 
mary dealers. 

Some 15 securities firms and 
more than a dozen commercial 
banks accepted tile offer but 
Liberty Brokerage’s operations 
have been la a state of flux. 


ttds atmouncment appears as a matter of record only. 


<$> 


Marubeni International Finance p.I.c 


(incorporated in England under the Companies Arts 1948 to 1981 on 13th March, 1984) 


ECU 20,000,000 

8% per cent. “Bull” Notes due 1992 

Issue Price 101% per cent. 


ECU 20,000,000 

8 % per cent. “Bear” Notes due 1992 

Issue Price 101% per cent. 


Fuji International Finance limited 


Credit Lyonnais 


Bank of Tokyo International Limited Banque Paribas Capital Markets limited 


IBJ International Limited 


JfleJnwort Benson limited 


Merrill Lynch Capital Maikets 


Taiyo Kobe International limited 


Yasuda Trust Europe limited 


fftruary, 1987 


Dollar bonds 
for IBJ 
Finance 
and Kodak 


By Clare Pea non 


There has been concern about 
whether the commercial banks 
would be permitted to partici- 
pate is a joint venture with 
leading Wall Street investment 
banks, and also because the US 
Justice Department was investi- 
gating the antitrust implica- 
tions of the proposed joint 
venture. 

The commercial banks and 
Wall Street brokerage firms 
owning shares in Liberty ac- 
count for a very large propor- 
tion of the daily trading volume 
in US government Securities. 


TRADING WAS lacklustre in 
the Eurodollar sector yester- 
day, with the US Treasury 
market foiling to supply any 
impetus to action- The new 
issues market was fairly busy, 
however* as deals emerged in 
a range of currencies. 

IBJ International led two 
10-year Eurodollar issues on 
EhntUffl T terms for IBJ Finance 
and Eastman Kodak. Of the 
two, the market preferred the 
92$9mdea! for IBJ Finance. A 
19-year maturity seemed 
likely to be unpopular with 
European investors, tradition- 
ally the main buyers of East- 
man Kodak paper, Both issues 

bear 7f per cent coupons and 
1&H Issue prices. IBJ’s bond 
was quoted at 99| bid, and 
Eastman Kodak's 9135m issue 
at 9»i bid. 

Prices in the Euroyen 
market fell by about # percen- 
tage point as professionals 
took profits. 

Yatnaiefal International 
(Europe) Zed a YZObn seven- 
year 4} per cent bond for 
Kawasaki Steel. The issue, 
priced at 2011, traded at 991, 
slightly outside total fees. 

Daiwa Europe launched a 
Y19bn five-year zero coupon 
bond for Sodete Generate. Xt 
was priced at 8L264 to give a 
yield Of 4-237. 

Elsewhere, Swiss Bank 
Corporation International 
launched a A$56m deal for 
Rabobank Nederland. The 
three-year Issue, with a 151 
per cent coupon, will be listed 
in Amsterdam. It looked 
likely to appeal to European 
retail Investors, even though 
they have recently been 
heavily supplied with Austra- 
lian dollar paper. The deal 
was priced at 1011. 

Eurosterltng bonds recov- 
ered most of Monday’s falls 
as the gilts market strength- 
ened. Late to tiie day, 
Hambroa Bank bri a £50xn 
seven-year issue for Norsk 
Hydro. It was priced with a 
9i per cent coupon and 1011 
isnie price to give a yield 
net of fees of 9 A3 per cent. 

Two deals surfaced in the 
Canadian dollar market. IBJ 
International led a C| 40n» 
9 per cent tome for 1KB 
Finance, guaranteed by the 
parent, Industrfekreditbank 
of West Germany. The seven- 
year issue was priced at 101}. 

Shearson Lehman Borthexs 
International Zed a seven-year 
C968m 9 per cent Issue for 
American Express Overseas 
Credit Corporation. This met 
a firm response and was 
quoted at 99J bid, compared 
with a 101 1 Issue price. 

Price changes were nar- 
rowly mixed in extremely 
quiet trading In the D-Mark 
market. The third D-Mark 
Issue with currency warrants 
emerged, led by Trtnkanc and 
Bnrkhardt 

The DM 100m five-year 51 
cent deal for Kredletbank 
International Finance was 
priced at 116}. Each DM 5,000 
bond carries five A and five 
B warrants, which buy $500 
at an exchange rate of 
DM L859. The A warrants, 
which are exercisable for use 
year, traded at 52 bid, and the 
B warrants, exercisable for 
five yean, at 115 bid. 

In Switzerland, prices of 
straight issues were slightly 
easier as the market focused 
on issues linked to equity and 
to gold. 

Swiss Bank Corporation led 
a SFr 200m five-year con- 
vertible issue for Sumitomo 
Corporation, the trading 
house. The deal has an indi- 
cated } per cent coupon. It 
can be put in 1990 at 103, and 
then at declining premiums. 


NATIONAL AUSTRALIA 
Bank Is selling 17m new 
shares in an International 
equity offering worth about 
AS9lm. our Euromarkets 
Staff writes. 

The issue, which is b"£og 
led by Swiss Bank Corpora- 
tion International, amounts 
to 4 per cent ot the enlarged 
share capital. It will be priced 
on or before March 17 at the 
closing level of the shares on 
the Melbourne stock 
exchange. Fees total 4} per 
cent 


$150m loan 
for Jordan 


By Rami Khonri In Amman 

A SYNDICATE of 20 Arab 
and international banks, lead 
managed by the Amman-based 
Arab Bank, has signed an 
agreement to lend Jordan 
JlSOm over seven years. The 
dual-currency loan includes 
a swap provision allowing 
Jordan to repay in dollars or 
D-Marks, with the Australia 
and New Zealand Banking 
Group acting as currency 
agent 

The loan has a 34-year grace 
period, and carries an Interest 
rate of I of 1 per cent over 
Libor tor the first 3} years, 
and i of 1 per cent there- 
after. 


BMW bond 

AN ERROR in transmission 
resulted In the annuity bond 
issue by SHEW being reported 
as worth DM 624m in yester. 
day’s FT. The correct value of 
the issue Is DM 324m 
(6174m). 


Financial Times Wednesday March. U 1987 

and COMP ANIES ^ 

French bourse flourishes 
after years of evolution 


THE ENDING of the stock ex- 
change monopoly In France 
will be scarcely more of an up- 
heaval for many Paris stow 
brokers than the changes that 
have already taken place over 
the last few years. 

Though some brokers soil 
fondly recall the daje wtoen 
they used qnfll pens to record, 
orders, Paris is proud of to® 
"Small Bang” which has al- 
ready modernised some parts 
of the French equity and bond 
markets. 

By allowing banks to take 
equity stakes to stockbrokers, 
the French Government has 
now undertaken a large part 
of the reform package which 
earned the title of Big Bang 
for London’s stock exc h a n ge 
revolution. 

The bourse has already 
rapidly updated its structures 
from the old system, where all 
bay and sell orders were cen- 
tralised in a single afternoon 
session. There Is now an 
additional morning session for 
the most active stocks, and a 
continuous computerised . mar- 
ket in over 50 other equities — 
as well as the Second Mark e t 
for smaller companies. 

Bond trading bus been almost 
entirely opened up to the 
banks, which are also partners 
with the stock exchange in the 
year-old Paris financial futures 
market Last week. too. Mr 
Xavier Dupont, the stock 
exchange chairman, announced 
pten* to create a traded options 
market in June. 

ThT French bourn baa had 
five fat years. Share prices have 
quadrupled on average during 
that period, while West Got* 
man stock market prices 
trebled and those hi London 
and New York did little more 
than double. 


BY GEORGE GRAHAM W PARIS 

For toe Compa»iie des 


AgeSs de Change, thecal 
corporation of Stockbrokers 
which has enjoyed the bourse 
monopoly since the days of 

“ f a. k*s town 


monpuuiv ourov ~ 

in trading volume (see table). 

The regional stock exchanges 
—principally the Lyon bourse— - 
have not missed out on the 
boom to trading. Turnover on 
the provincial ex ch a ng es 


increasingly to equity issues for 
their funding imeds. Frendi 
Stock market capitalisation^ 
traditionally been much lower 
to relation to the rize of toe 
economy 

trialised countries, but this 
position is changing. . 

*10 1978, the country's stock 
market capital amounted to 9 
per cent of gross domestic, 
product. By 1985 toe figme had- 
risen only to IS per cent to 


PARIS BOURSE TRANSACTIONS 
(FFr bn) 


Itonrif 

T«M : 

234 

; 364- 

264 

4« . 

3*7 

4U 

*» 

*U 

634 

. .120 - 

834 

•MM. 

1514 

2M.I- 

2214 

anj : ; 

409J 

50M 

TIT* 

‘ 0MJ.. 

1A734 

-2JDM* ' 




climbed from FFr 825m in 
1978 to FFr 55.7tm last year. 

France’s new love affair with 
the stock market baa reached 
sew heights of pasttkm with the 
launch, of toe privatisation pro- 
gramme. In toe space of a few 
months the number of direct 
shareholders has doubled, with 
the arrival of toe 3.8m people 
who subscribed to toe privatis- 
ation of Paribas, the investment 
hank. 

“It is a decisive moment to 
tiie evolution of French society. 
The French population has 
become reconciled with its 
economy,** said Mr Kerns 
Moussa, former chairman of 
Paribas and now head of the 
Pallas financial group. 

Companies, too, axe turning 


France, compared with 24 per 
cent in West Germany,' 40 per 
cent to the US, and 6 percent 
to toe UK. Last year, according, 
to toe French Treasury. 
France's market capitalisation 
rose to 25 per cent of GDP. V;^ 

Equity issues in the eerly 
1980s nut between FFr 20bn 
and FFr 50hn a year ^Yof 
which only 15 to SO per cent, 
would be listed on the . stock 
exchange. Last year, new issues, 
of shares soared to FFr 143-6bo, : 
of which FFr 6&5bn W*ie. 
quoted. ■ 

It now remains for the stocks 
brokers to raise their capital 
to the levels they need tq cron- 
pete and to bring settlement 
and back' office ptrboedum.iiito 
line with toe size of the market 


f + 


- - ‘ 
Sfor- 


Share issue by 
Australian bank 




















'Cr*US£> | 


»es 

on 


->'3 


1" 

! 

Si 

5jj 

I 


Ujifch 24? 

S^gfi 

L-^wSfe 
iCt « 3?“* 

- feg 

■ « a? 5 

■e«r. netai!r* 

%abn ^ v 

i£a*A ’ 

:r »•« i?S 

“'■*? *etj£ 

4 «ar^ 


■n-* p. 

“■ Sscd&i 
- sp «8 
' * ~ 

5 ie;? t S 
h { : !r ‘® J ~rt2h 
?-=* 

-irtStr^ s r: 
* 5? w i -£ 


■=«■ c= !!s4S 



■ra 

to 

•b; 

-•1 

o 

-S . 

-^1 

£ 


■ I*. 

« 

-: • 

"-•J 

IS 

-s> 

■p. 

IV 

-£ ; 

-9k 

ir 

1 nil 

-Ox 




Us 

•m 

to 


■v» 

M 



M 

a " i 


:u 

•F. 


u 

m ; , 

■ 2 V 

35 

-W 

-> 

'il 

•Ot 

l 

3T 


-y. 

Cl 

4 C% 


(3 

? 


U 

te 


u 

5 

a 

Kr 

-V* 

-Ca 

U 



«; 

S 




4 *t 

» 

j 

.1 

ii 

3 

j 

u 

c 

i 

;s 

a 

•^1 

O: 

■d 


t 

iS 


•Of 

c 


r- ; fJ 


V ';' >: 


■ >?■- v 


Fi n a n c ia l Times Wednesday March 11 1987 

FT TAW REPORTS 


Copyright claim struck out 


CBS SON GS LTD AND 
OTHERS v AMSTRAD 
CONSUMER ELECTRONICS 
• pic 

Court of Appeal (Lord Justice 
J 01 * Lord Justice Nicholls, sir 
Denys Buckley): February 25 
- • ia S7 „ , ■ ■; ; 

INCIT EMENT to infringe 
copyright is a criminal matter 
which, in the Absence of any 
duty in tort to the copyright 
owner, cannot be subject to 
™P equitable remedy of 
injunction. 

The Court of Appeal (Sir 
Denys Buckley dissenting) so 
held when Allowing an appeal 
by defendants. Amstrad Con- 
sumer- Electronics pic and 
Dixons limited from Mr Justice 
WhitfonTs decision to allow an 
amendment by. the 
CBS Songs Limited, emt 
R ecords limited and Chrysalis 
Records Limited, to their state- 
ment of dalm in the action. As 
no live issue remained the 
acthm was struck out. 

LORD JUSTICE NICHOLLS 
said that in 1984 Amstrad intro- 
duced to the market three new 
models of tape-to-tape recording 
machines. They were advertised 
on television and in the press in 
terms likely to encourage home 
copying of favourite tapes. 

British-Phonographic Industry 
Ltd (EPI) was a trade associ- 
ation whose comprised 

record companies. BPI wrote to 
Amstrad and its principal trade 
outlets, asserting that by its 
advertisements Amstrad was 
encouraging the public to break 
the law. 

The upshot was two actions. 
The first, a declaratory action, 
was brought by Amstrad against 
BPI. The relief claimed was a 
declaration that by advertising 
and selling the systems Amstrad 
had not acted unlawfully. 

In the second action, which 
was the present action, the 
plaintiffs were suing on behalf 
of themselves and members of 
the Mechanical Rights Society 
(MRS) and BPL It was alleged 
that Amstrad and Dixons had 
incited others to infringe copy- 
right. The relief claimed was an 
injunction restraining the 
defendants from parting with 
possession of the models with- 
out taking precautions to ensure 
that copyrights were not In- 
fringed. 

In the declaratory action Mr 
Justice Whiiford and the Coart 
of Appeal decided that none of 
the issues raised gave rise to 
any civil liability on Amstrad’a 
part However, a further point 
was raised, that Amstrad’s 
advertising m aterial might be 
capable of amounting to incite- 
ment to commit a crime under 


section 21(3) of the Copyright 
Act 1256. 

The section provided that: 
"Any person who . • . when 
copyright subsists . . . nukes .. . 
a plate, knowing that it is to be 
used for making infringing 
copies . . . shan be guilty of an 

nfforw^. . _ 

The suggestion was that a 
tape-recording was capable of 
botag a u plate.” 

The Court of Appeal decided 
that it was neither necessary 
nor proper to adjudge whether 
Amstrad had committed the 
offence of inciting persons to 
commit the section 21 (S) 
offence, but refused to make 
the declaration sought by 
Amstrad (FT November 5, 
1985). 

After trial of the declaratory 
action the plaintiffs in the pre- 
sent action issued a summons 
for leave, to amend their state- 
ment of gl uhn . 1 The defend ants 
asked that the action be struck 
out, Mr Justice Whitford re- 
fused the latter application and 
permitted tbs amendments to 
be made. 

The material amendment was 
a new paragraph alleging that 
all or nearly all the persons who 
used the equipment to make 
copies of commercially avail- 
able prerecorded cassette tapes 
of gramophone discs would 
thereby be guilty of an. offence 
under section 21 (3). The re- 
lief sought was unchanged save 
the injunction would now 
inhibit the advertising and sale 
of the machines In such a way 
as to incite members of the 
public to commit section 21 (8) 
offences. 

Whether leave to amend 
should be granted turned on 
whether the statement of claim, 
as sought to be amended, would 
disclose a reasonable cause of 
action. 

Mr Munby, for the plaintiffs, 
contended that there were 
circumstances in which a pri- 
vate individual could properly 
sue for as injunction to restrain 
breaches of the criminal law. 

He submitted there was a 
distinction between rights or 
remedies which a statute might 
confer on persons for whose 
benefit a statutory obligation or 
prohibition, backed by criminal 
law sanction had been passed. 

He said that (1) as a matter 
of construction a statute might 
create a duty towards a class 
of protected persons breach of 
which gave a member of that 
piagg a cause of action in tort 
for damages; and (2) a statute 
passed for the benefit of pro- 
tected persons which did not 
create any doty and thus did 
not give rise to a claim hi tort, 
might nonetheless entitle a 


Residential Property 


Q%e &bieiii 0 mp p fc 

. EXCLUSIVE RESIDENTIAL 
PROPERTYDEV ELOPERS — 

WE HAVE MOVED 

TO OUR NEW HEADQUARTERS AND SHOWROOM AT 

100a AVENUE ROAD 

GE NW3 


Tel 
014832171 
014832201 



Fax. 

014832040 


Overseas Property 


consuh= T 

agedi 

gfnir, Prcswte* 1 ^ — ^,(3tark>rt® ■ 


MONTREUX (Ij** Geocv " ) 

=ws?f2: 

3 5 p 0 r to forejnerrf 

Lake view— WP V*"*? 

J Av. Ow lAmsn 
CH-1005 If***”"? 

^SFSA 


+ SWITZERLAND 

Lake Geneva 
|& Mountain resorts 

<tai tm dm tm OHHW » CHMg te 

anuan inn m o*"* mm an* 

W * Ww«. 

REVAC S.A. 

fl2, m 0* HOBtMUlflt - CH-UBttlM 
W. 4UU341S40 - «B 22030 


Personal 


member of the class of protected 
persons to apply for an injunc- 
tion. In the latter case the claim 
was a claim in equity to enforce 
observance of the criminal law.- 

Mr Munby accepted that the 
present case did not fall within 
category (1), but he submitted 
that it fell within category (2). 

There was no such category 
as category (2). The authorities 
on which Mr Munby relied did 
not establish his proposition. 
Furthermore, the proposition 
was contrary to established 
principle. 

In considering whether a 
plaintiff had a right to obtain 
an Injunction in this area of 
the law it was necessary to 
Identify what was the legal or 
equitable right violation of 
which the plaintiff was seeking 
to prevent. The proposition 
under consideration identified 
that right as a claim In equity 
to enforce the observance of 
criminal law. 

But, apart from express 
statutory provision, persons 
other than the Attorney-General 
had no standing to seek to 
enforce through a civil court, 
the observance of criminal law 
as such. Their remedy was to 
bring a private prosecution. A 
court of eqplty had no criminal 
jurisdiction. 

If the criminal activity would 
infringe a property right of the 
plaintiff, he had standing to en- 
list the civil court's aid in pre- 
venting that infringement But 
in assisting such a plaintiff the 
court was not compelling the 
observance of the criminal law 
as such: it was giving effect to 
a cause of action at law or 
equity, possessed by the plain- 
tiff as owner of the property 
right 

Whether the plaintiffs had 
any cause of action in respect 
of Amstrad’s and Dixon's 
alleged incitement of others to 
infringe the plaintiffs’ copy- 


rights was not argued before 
the court. The only question 
argued on the incitement issue 
was whether the alleged incite- 
ment to commit the section 21 
offence gave rise to claims in 
equity. It did not. 

The incitement claim formu- 
lated In the amendment was 
not legally sustainable. Accord- 
ingly. the appeals by Amstrad 
ami Dixons were allowed and 
the judge’s order giving leave 
to amend was discharged. 

The question whether the 
plaintiffs had a good cause of 
action otherwise than by refer- 
ence to section 21(3) had not 
been argued, Mr Munby having 
accepted that on that be was 
bound to fail. Since that would , 
leave no live issue the writ and 
statement of claim were struck 
out. 

LORD JUSTICE FOX agreed. 

SIR DENYS BUCKLEY; dis- 
senting, said that in Emperor 
of Austria (1861) 3 de GF & 
J 2 16, which was binding. Lord 
Justice Turner regarded the im- 
portation of spurious Hungarian 
hank notes to Hungary as an 
injury to unidentified indivi- 
duals in Hungary on whose 
behalf the plaintiff emperor 
could sue. 

All three members of the 
court regarded themselves as 
exercising an equitable jurisdic- 
tion based on risk of injury to 
property. 

That decision appeared to 
afford at least an arguable 
basis for Mr Munby 1 a claim to 
Injunctive relief, irrespective of 
whether the plaintiffs had a 
good common law cause of 
action for damages. 

For Amstrad: Geoffrey Hobbs 
(Herbert Smith dr Co) 

For Dixons; Michael Fysh 
(Wilkinson Kimbers) i 

For the plaintiffs: James ! 
Munby (Hamlin Slowe) 

By Raehel Davies 

Barrister 


Futures & Options 

It is proposed to publish a special Survey on Futures and 
Options on Thursday, March 19, 1987. 

For advertising details, please contact: 

Daniel Russell 

Financial Times, Bracken House 
10 Cannon Street, London EC4P 4BY 
Tel: 01-248 8000 ext 4181 

Telex: 885033 

The she, content and publication dates of Financial Times 
Surveys are subject to change at the discretion of the Editor. 


Rentals 


CHESTER TON'S 

r ]•• i 1 1 i. % r i \ i V - J . 


GODFREY STREET. SWJ £060 pw 
A nil* opportunity to rant or™ of 
theca charming Chalnoa houao* in 
this quin yat central » treat run- 
ning from the King's Road to 
Chmaan Groan. Large drawing, im, 
dining rm, wall fitted kit, 4 bed- 
room*, bathrm. ahawar rm. 

Cbalaaa One*: 01-08 6211 

CITY. El C1W pw 

Contemporary furniture enhance* 
this excellent one bedroom araat 
lacing flat on aacond floor of 
immaculate modem building. Port- 
erage. parking. 

Docklands Ofik*: 01-538 4821 

HIGHGATE. M COS PW 

Handsome Edwardian bouts wltii 
many original features. 2 baoutHui 
race pa. b Igc bedrtna (1 an aulta), 
fully fitted mad kit, breakfast rm. 
garden. 

Mghgate Office: 01-341 S0S1 

EDM CLOSE. 1MB £600 pw 

A delightful modem mawa taouas 
with doteto garage located In quint 
residential mows off Kensington 
High St- Large drawing rm. dining 
rm, ft kit 3 coda. 2 baths, patio. 
KariafngbM Ofltaa: 01-837 7304 


LITTLE VM ICE. W9 £275 pw 

Elegant 2 bad apartment In tasteful 
conversion In the heart of Util* 
Venice, 2nd bed/ study, bath, cIr. 
recep. Ut, communal gardens. 
Uttle VonJca: 01-288 4S32 


EBURY STREET. SW1 MTS pw 

Vary attractive light and spacious 
2nd floor flat. Two double bade, z 
bathe, me. excellent kit & garage. 
Mayfair Office: Ot-429 4613 


CLAPHAM COMMON 
WEST SIDE. SW4 MOO pw 

Fabulous larga ft spacious Interior 
designed 5 bed bouse with fabu- 
lous views over common. 2 large 
reception rma, excellent fclf/bkfat 
rm. garden, 2 bathe ft axe shower. 
Avail for 6 months from April, 
ramico OfBea: 01-634 SMS 


WIMBLEDON £200 pw 

Wall presented 1st floor flat In 
mod block opp Wimbledon golf 
course. 2 dfale beds, bath A ahwr, 
2 Ige r»cepa, kit. gge. bat. Co let. 
Wimbledon Office: 01440 8440 


XahAei »WW Hd8wn rwmia 


Company Notice 



PUBLIC SPEAKING train Inn and 
writnw by w id nlnalnl BlAItt ■ 
0i3» 0552. Pint Maori tree. 


g£. < £rsg% 137AS0 1,734.20 

S2H1S* 1,243.90 1368 JO 

Me (ha la Japan on and from 

t3&m ' emmtes COl . LM. 

26-a NMieWh 1 -enema 
Shlnjuku-kn. Tokyo 


VHJJE DE SAINTE-FOY 
CenSlO.000^00 
12J% 19S4-1W 
Node* of early redemption 
Notice is hereby given, to the 
holders of the above-mentioned 
Notes that Villa da Saiiree-Fay 
will proceed to the early re- 
demption of the total of the 
outstanding Notes at 101% of 
their nominal amount on April 
17, 1987. Interest accruing on 
die outstanding Notes will 
cease as of that same date. 

Banque Internationale 4 
Luxembourg 
Socittfi Anonyme 
Fiscal Agent 

Luxembourg) March IT, 1987 


Electronics and electrical engineering have had 
a far-reaching effect on all areas of industrial 
technology - from microelectronics to automa- 
tion technology and electrical energy engineer- 
ing. For a complete insight into the role played by 
electronics and electrical engineering, visit 
| Microtronic and the World Market for Electron- 

ic 1*C m TXx ics an d Electrical Engineering at Hanover Fair 

INDUSTRY 

microelectronics to 
electrical energy 


technology 


New technology, products and sys- 
tems from ibe field of electronics 
and electrical engineering will be 
presented within their industrial 
context at Hanover Fair INDUSTRY 
’87 Some L800 exhibitors from 
29 countries are expected at the 
World Market for Electronics and 
Electrical Engineering and at Micro - 
Ironic “ Components, Assemblies 
«nJ Systems in Electronics. These 
trade fairs represent a unique com- 
bination of technology and detailed 
information for profes sional s. 

Further information from: 


THE “FAIR OF FAIRS” FROM 1st -8th APRIL, 1987 


■ World Market for Electronics 
and Electrical Engineering 

■ Microtronic - 
Components, Assemblies 
and Systems in Electronics 

■ ICA - Internati onal Center 
for Plant Engineering 

■ ASB - Bower Transmission 
and Control 


■ CeMAT-Worid Center 
for Materials Handling 
Technology 

■ MHI -Assembly Han d l i ng . 
Industrial Robots 

■ 1NTERMATIC- 

Spedal display “Initiatives 
for the factory of the future” 

■ Research and Technology 

■ Subcontracting 


I Advertising and Publicity Center 
l Economic Promotion 
l Your Partner China 


Hannover 

Messe/07 

INDUSTRIE Off 


Sort Sandastesd. Soad. Croydon. Wy CB2 OAJ, Tol: MBS, 01^51-2100, Teton 895151* 


m 


Cardale ^ 
Graves 11 


CMEYNE WALK. SWS 

SMdsai untarnished 4th Floor 
umt currmBy bains rattocontcj: 
In this much sought altar block 
which Includes 24 hr porttmi. 
lift and od~«r*4t parking. E Mil, 
Recap. Kit. Clkrm. 2 Dblr hed- 
roonts, 1 Sngi bcdrni, 2 Bathrma. 

£300 par 


SHORT AND LONG 
COMPANY LETS 
Studio from £160 pw 

1 Bad room from £250 pw 

2 Bedroom from £350 pw 

3 Bad room from £460 pw 


ntOVIMNT MUTUAL LOT ASSURANCE 

I NOTICE IS HtRttfsIviN that the 
146th Animal. Ganeral .Meeting ot tea 
I Allocution win be Mdln tea Armourer 1 * 
Hall, Armourer* A Dradam 1 Company. >1 
Coleman Street. London EC2R Mj on 
Wednaaday 8 April 1987 at 12-50 pm. 
to Include ftM foUowlng: ^ _ 

1 To Moot the Report end Account* 

tor 1986. . 

2 To cnnftrm tea appointment of Mr John 
Da«M Neville aa a Director ot tea 
Association. 

3 To re-elect Mr Devld Lars Manwarlag 
Robertson (who has attained the ape 
ot 70) aa a Director or the AaaocUthro: 
special notice to propose this resolution 
has been received. 

4 To re-elect Lard Parnhain m ■ Director 
of the Association. 

B To re e lect Mr Peter Neville Buckley 
aa a Director or the Associa t ion. 

B TO re- appoint Pride WvterMase m 
A uditor* Of the Association to bold 

once uadi the conchukm of the na» | 
Annual Ganeral Meeting. 

7 To fix the remuneration of the 

. . P._ Norton. 

Secretary 

11 March 1BB7 

NOTICE is HEREBY GIVEN that ao I 
Extraominery General Mat aln g ot the : 
Association wfil be held In the Armourer's 
Nall aforesaid on the conclutloa of the 
146th Annual Geoeral Meeting when 
the following will be pr o p os ed as 4 
■pedal resolution: 

that the draft Ralaa and Regulations el 
the Association, , wbleb are sobmltted^te . 
the meeting and ■ cony of which has 
beta Signed by Uw Chairman tar the 
purposes ol Ident i fi ca tion, be and. m 
beret* adapted forthwith In place of tee 
Rales and. Regulations . adopted on 24 
March 1 054 US mended on 16 APrtl 
1271 and 6 Jaly 1973). , . 

Copies of this draft and of ao wsplanstory 
leaser dWKrlWnp tee mala change* are 
available on reqoett from tee Secretary- 

P. Norton. 
Secretary 

11 March 1S87 


LAFARGE COPPB 
US$40 JHX M XX) 

154% 1981-89 

Ob Fobruary 28 1007. Bonds for 
the amount of USS4.000.000 have 
bean drawn In the presence of a 
Notary Public for redemption on 
April 15 1967. 

The following Bond* will ba 
redeemable coupon due October 15 
1807. and following attached: 

23087 to 20239 Incl. 
and 

30240 to 31096 Incl. _ 
Amount auzetamtlaqi USSi8.00o.000 
Outstanding drawn Benda: 
20240 to 2 6255 hid. 

26305 to 26387 Incl. 
Luxembourg. March 11 1907 
The Fiscal Agent 
KREDIETBANR 
S_A. Jjuremboorgeotee 


:eT#ia] 


QUALITY FURNISHED FLATS 
ANff HOUSES 
SHORT ARO LONG LEtS 

23 SPROK ST, UUBMN, W2 1H 
TEL: DMQ2 2271 mEkTSOl 


Public Notices 


IN THE MATTER OF 
ROYLES INDUSTRIAL ART ft 
PHOTOQRAPHY LTD. 
t/a ROYLES ADVERTISING A 
MARKETING 
and 

IN THE MATTS! OF 
THE COMPANIES ACT T88S 
NOTICE IS HEREBY GIVEN that the 
creditors of thn above-named Com- 
pany. which Is being voluntarily 
wound up. are required, on or before 
the 31 at day of March 1987 to sand 
In tfaalr full Christian and surnames, 
their addresses and descifptiana. full 
particulars of their debts or claims, 
and tea names and addresses of their 
Solicitors (H any), to tha undersigned 
BRIAN MILLS Of 1 Wardrobe Place. 
Carter Lane, London EC4V 5AJ, the 
Joint Liquidator of the aaid Company, 
and. K so required by nodes In writing 
from the said Joint Liquidator, are. 
personally or by their Solicitors, 
to come in end prove their debts or 
dalmg at such time and place as shall 
ba specified ;n such notice, or In 
default thereof they will be excluded 
from the benefit of eny distribution 
made before such debts are proved. 
Dated this 10th day of February 1887. 

B. Mills. 

M. Perklne. 
liquidator* 


Holidays and Travel 


ftm «f figs fink Obltert tapHtirXf- 
reBW sa actgst fma CanaDa M 
M tend bdd br tepstn « teaaat. 3ZB 
taMlfiMM. Mi TC rem wtei tents 
Ctis Ite f tltea ga i tw H rt tenC Baan- 


12) Wat SMtL Rt. RE HMM 

M4m US (MB 2ZMMD IRS CUa 2*6-1)00 
MsEOXE CMbSNJSHOr 


DUKE 

Fully Sorvieed Apartmente 
Duke Ureury Apartments 
14 Elm Court. 11 Manowby St 
London W1 

Tel: 01-723 7077/268 MSB 
Telex: 24141 QUKEAP - Fax: 724 0828 


HENRY & JAMES 

CONTACT US NOW ON 
01-235 8861 

for the best selection of 
Furnished Flats and Houses to 
Rent in Knightsbridge, Belgravia 
and Chelsea 



INSOLVENCY ACT, 1 P BS 

T. P. LANGLEY HOMES LIMITED 



MM. 

a* 

The Royal Bank 
of Scotland pic 

Base Rate 

The Royal Bank of Scotland 
announces that with effect 
from dose of business 
on 10 March 1987 
its Base Rate for advances 
will be redneed from 11% 
to 10%% per annum. 

TSwBwal Bank arScMbadptaBaglNaM OtennMSLAa4r>w6aare£<UiaxbBBesm 
BqpMn*! In SeMUad Na. SOUS. 


Flights 


AIR FARES _f*CT«nr— V^JrieJwldAloWI 
lie ul. lew cast. 01-639 7144. Ctartato. 
ISO Jarmyn St, SW1. Ate tar brochure 


Clubs 

Eve has outlived the other* because of a 

S ol lair May and value tor mpiwy. 
from 10-3 JO a m. Disco and rep 
lire, glamorpu* h^easM. msltlra 
niywHiew*. iB9i Regant sc.. Wt. 01-734 
0557. 


DMWI tete ISte ^ 

p. AMATO 


IN THE MATTER OF 
TUB INSOLVENCY ACT IBM 
and 

IN THE MATTER OF 
KELDANE LTD Va 
Kingston Copier* 
STRATHCLYDE REPROGRAPHICS 
EDINBURGH BUSINESS MACHINES 
ABERDEEN BUSINESS MACHINES 
(In voluntary liquidation) 

NOTICE IS HEREBY GIVEN pursuant 
to Section 105 of tha Insolvency Act. 
1985. that a Ganeral Meeting of the 
Members of tha above-named Company 
will ba held at 1 Wardrobe Place. 
Carter Lana, London EC4V SAJ on 
Tuesday. 14th April. 1987 at 10 am 
to be tallowed at IO.T5 am by a 
General Meeting of tha Creditors for 
tha purpoaa of receiving an account 
of tha Liquidator's Acta and Dealings 
and of the conduct of the Winding-up 
to data. 

Dated this 2nd day of March, 1887. 

B. Mills. 
Liquidator. 


Art Galleries 


RICHARD GREEN, 3D. Dover Street W1. 
01-493 3939. WATERCOLOURS l»y 

MYLES BIRKET FOSTER. Mon—Frl. 

10 - 6 : Sots. 10 - 12 . 00 . 

THACKERAY GALLERY, IB T hack er a y St. 

we. 01-23? sees. j6hn bratby. ra 
—V enice Rerelsited. Until 27 March. 


Carlyle f 

Hotel I 

Discerning visitors to New Ybrk select j|e||| 
The Carlyle, one bkx:k from Central Paik, 
for its consistent excellence. Each guest room 
has Monitor TVs, VCRs and Stereos, and the 
solicitous staff is ever eager to please. 

A proud recipient of the Mobil Five-Star 
Award for 19 consecutive years. 

Mambar of Tire Sharp Ctowp Bines W 67 
Madison Annua at 7 B 8 i Short 

New Vtorfc 10021 £ 

Cabla Tha Caifyla Near ltork 

Tata 620692 

TUaphono 212-7444600 

Tbfl fire* 1-800'CARLRES 





Acquisitions help BBA 
to double profits to £ 26 m 


Rnandal Times Wednesday March 11 1987 

uk company news ■ ; - ; . 

Nikki Tait on Tesco’s bid approach to Hillards 

Battle facing Yorkshire die-hards 


BY RALPH ATKINS 

GROWTH through acquisition 
helped BBA. the automotive 
and industrial group, more than 
double its pre-tax profits from 
£lSm to £26 ,6m in 1986. The 
increase, which exceeded Dtp 
forecasts, followed 1985 pre-tax 
profits which were 2* times 
more than those in 1984. 

Turnover in 1986 was £5 53 .2m 
compared with £S23J5m in 2985. 

Earnings per Share were op 
to 10-2p compared with 8Jp in 
1985 and last night shares in 
BBA closed up 13p at 19lp. 

The group made a number of 
acquisitions during the year. 
These (included Brake & Clutch 
Industries, an Australian com- 
pany, for £12>m in July, plus 
others in the UK nod an the 
Netherlands. 

Profits were boosted by strong 
performances by the group's 
North American subsidiary, 
Scandura Inc, which manufac- 
tures industrial text&les and its 
West Germany subsidiary. 
Tester, manufacturer of friction 
mat erials such as brake pads. 

However, Automotive Pro- 
ducts, acquired dn March 1986 
for £108m, failed to live up to 

expectations. After restructur- 
ing costs — Including 800 redun- 
dancies at the Leamington, West 
automotive compon- 
ents plant — the division made a 
loss in 1986. 

BBA said that this corrective 


Prestvvich up 
to £2.8m 
at halfway 

Prestwfeh Holdings, the con- 
sumer electronics and entertain- 
ment leisure group, lifted its 
profit from £2,06m to £2.75m. 
But the addition of £1.08m 
exceptional credits above the 
line, meant total profit for the 
half year ended December 31 
19% was pushed up to £3j83m. 

Exceptional items were the 
profit on disposal of listed in- 
vestments £L19m, less compen- 
sation for loss Of office £104,000. 
Earnings were 5p (3Bp) before 
exceptional items, and 7p after. 
The interim dividend is 0.4 p 
(0.35p). 

The directors said the second 
half had started with a strong 
balance sheet and in a net cash 
position. They anticipated a 
satisfactory outcome to the year. 

The group is engaged in con- 
sumer electronics through Bush 
Radio and its leisure activities 
include pre-recorded video 
cassettes and licensed mer- 
chandising products. Turnover 
in the half year advanced from 
£19mto £25m. 



action, taken to protect future 
profits, together with an unex- 
pected weakening of the UK 
trading position dn the second 
half of 1986, meant that profits 
were not as great as they could 
have been. 

In 1988 the split between the 
group’s principal activities 
—automotive and industrial 
activities — shifted -towards the 
automotive aide. The automo- 
tive division accounted for 83 


per cent of combined sales in 
1986 compared with 76 per cent 
in 1985. 

However, the automotive side 
had contributed only 68 per 
cent of the profits of the two 
divisions combined, compared 
with 74 per cent in 1985. 

In August last year, the 
group announced a £88.7m 
rights issue to reduce borrow- 
ings which had readied £1 18.2m 
and a gearing level of 82 per 
cent after the acquisition of 
Automotive Products. The 
balance sheet for 1988 revealed 
net bank borrowings of £86.2m 
and a gearing ratio of 42£ per 
cent 

Hr Ray Mitchell, group 
finance director, said that the 
group hoped growth would con- 
tinue both organically and 
through strategic acquisitions. 

He said that the group could 
afford to pay cash for acquisi- 
tions. ideally costing about 
£50 ed, but these would have to 
complement existing interests. 

“We are continuously on the 
look-out for acquisitions which 
we can bolt on to our business 
to share overheads and get cost 
efficiency.” >e said. 

A final dividend of L5p per 
share is proposed, making a 
total dividend for the year of 
2.5p. In 1985 total dividend was 
2p. 

See Lex 


Martin Ford in £5.9m 
sale of Stage chain 


BY RALPH ATKINS 

Martin Ford, the clothing 
retail chain, plans to sell its 
chain of 38 Stage womens’ 
fashion stores to a subsidiary 
of jeans manufacturer and 
retailer, Lee Cooper. 

The deal— worth up to £5 -9m 
— leaves Martin Ford with only 
Its eight Michael Barrie means- 
wear shops, bought for £Llm 
in August 1886. But the 
company is now cash rich and 
expects to announce new acqui- 
sitions in the next few weeks. 

Shares in Martin Ford dosed 
up 2p at 74p. 

About £2m has been spent 
on refurbishing the 38 lease- 
hold Stage shops which cater 
for women up to the age of 25 
but their book value is only 
£ 222 , 000 . 

The deal also includes the 
sale of up to £800,000 worth of 
spring and summer stock. Com- 
pletion of the sale Is conditional 
on shareholders approval 
which is to be sought at an 
extraordinary general meeting. 


Tbe shops are being acquired 
by Grant Seward, a wholly 
owned subsidiary of Lee Cooper 
which already operates 78 men’s 
and women’s fashion outlets. 
Lord Marsh of Mannington. 
chairman of Lee Cooper, said 
the acquisition continued the 
company’s stated policy of diver- 
sification and expansion. 

In the first half of 1986 Mar- 
tin Ford made a loss before tax 
of £1.14m on a turnover of 
£50 .9 m. 


Yearlings 

The interest rate tor this 
week’s issue of local authority 
bonds is 9{ per cent, down n 
of a percentage point from last 
week, and compares wtih 10*8 
per cent a year ago. The bonds 
are issued at par and are 
redeemable on March 16 1988. 

A full list of issues will be 
published in to morro w ’s edition. 


This advertisement is issued in compliance with the requirements of the Council of The Stock Exchange: 
It does not constitute an invitation to the public to subscribe for or to purchase any securities. 


CK88 

\1*F 

admiral 


Admiral Computing Group pic 

(Rogisered No. I 466 G 06 L Incorporated in England and Wales under the GomparaesAets 19 «» 137 RJ 

— - — Placing by 

County Limited 


2,525,000 ordinary shares of 5p each at a price of 150p per share 


Authorised 

£745,000 


■ Share Capital- 


ordinary shares of Sp each 


Issued and to be 
issued. My paid 

£305000 


Admiral designs and produces bespoke software systems and provides 
technical consultancy services for computer based systems and management 
services for computer related and other projects. Admirals clients are pre- 
dominantly in the defence and financial services industries. 

Application has been made to the Council of The Stock Exchange for the whole 
of the ordinary share capital of Admiral Computing Group pic, in issue and now 
being issued, to be admitted to the Official List 631,250 ordinary shares, 
representing 25 per cent of the ordinary shares now being placed, are being 
placed through Scrimgeour Vickers & Cto. Limited. It is expected that dealings 
will commence on 17th March, 1987. 

Listing Particulars of the Company are available in the statistical services of 
Extel Financial Limited Copies of such particulars are available during normal . 
business hours on any weekday (Saturdays and public holidays excepted) up to 
and including 25th March, 1987 from: 

COUNTY LIMITED and COUNTY SEC URITIES LOOTED 
Drapers Gardens, 12 Throgmorton Avenue, London EC2P 2ES 
(Telephone: 01-638 6000) 
and from 

. ADMIRAL COMPUTING GROUP pic 
■ 1 8 Victoria Avenue, Camberley, Surrey GUIS 3JH 
(Telephone: (0276) 682651/61 167) 

Copies of ihe Listing Particulars are also available from the Company Announcements Office up to and 

including 12th March, 1987. 

11th March, 1982 


GrandMet 
US offshoot 
fails 

fitness test 

By Cl ay Harris 

Grand Metropolitan Is to 
lay down its barbells and 
give up pumping iron. The 
brewing, food and leisure 
group plans to sell Diversified 
Products Corporation, the 

largest company In the 
troubled US home-fitness 
market 

The disposal win remove 
GrandMet *8 only subsidiary 
involved in the manufacturer 
of consumer durables. The 
said yesterday that 
ft had Instructed Morgan 
Stanley. New York invest- 
ment bank, to find a buyer 
for DP. 

Sales and profits at DP, 
bought as part of the Liggett 
Group in 1980, have steadily 
deteriorated, as has US 
demand tor fitness equipment, 
such as exercise bicycles, row- 
ing machines and weight- 
lifting benches. 

The market peaked in 1984, 
according to Mr Cal James, 
DP president. In the year to 
September 30 1986, DP 

reported operating income of 
only $2m on sales of 9137m, 
having fallen from 916m on 
sales of $224m in 1984-85 and 
$38m on sales of 9265m in 
1983-84. 

Throughout decline. 

DP maintained its overall 
market share at between 30 
and 49 per cent; Mr Janies 
said. The company, however, 
was continuing to suffer from 
sluggish demand. 

The prospects are bound 
to affect the proceeds from 
the planned disposal. 

“If they get £10m. Til 
think they’re doing well 
indeed,” one London share 
anaylst said yesterday. 
Another said he suspected 
that DP was heavily over- 
stocked. considering the state 
of tbe market. 

Mr James said, meanwhile, 
that a management boy-oat 
might be under consideration. 

BrandMet said in London 
t\mt tbe planned disposal had 
been announced to forestall 
any uncertainty at DP*b head 
office and w»aht manufactur- 
ing plant in Opelika, 
Alabama. A factory in Swan- 
sea employs 150 people and 
accounted for sales of about 
£10m last year. 

Mb James said that it bad 
“darn good prospects.” DP 
has already began to close a 
third facility at Kitchener, 
Ontario. 

GrandMet shares added 3p 
to 492p. 


ONE HUNDRED and one years 
of independence die hard. 
Scarcely surprising, then, that 
Tesco chairman Ian Mac- 
Lau rin’s exploratory phone call 
to Peter Hartley, his Hillards’ 
counterpart; met an unhelpful 
response on Monday night. 

Nor that directors of the 
Yorkshire-based retail chain, 
which started life as a smal l 
grocer's shop in 1885. yesterday 
bravely reiterated that resis- 
tance in the face of tbe 2180m 
bid from Britain’s second- 
largest supermarket chain. 

What has raised some eye- 
brows is that Tesco is back on 
the bid trail. 

Having run through the 
figures, analysts admit that the 
Hillards offer makes good 
sense — but Tesco’s recent 
emphasis on streamlining its 
business, its organic expansion 
on the superstore front and 
recent withdrawal from the 
Safeway auction, certainly 
lulled the City into thinking 
that predatory instincts were 
muted. 

“The offer does stand up— 
but it is at odds with Tesco’s 
perceived strategy.” was a 
typical response yesterday. 

Hillards is, and always has 
been, a family business. The 
current chairman, Peter 
Hartley, is grandson of the com- 
pany's founder, John Hillard, 
and his father, mother and elder 
brother have all held the same 
role. 

Directors and family hold 
over 20 per cent of the com- 
pany's shares — including a 6.18 
per cent block In the bands of 
trustees of the late Mr J. B. 
Hillard. 

The chain itself, however, has 
come a Jong way from tbe days 
John Hillard— utter managing 
a Parisian grocery store — 
settled in deckheaton, bor- 
rowed fifty pounds and bought 
the first shop. Lion Stores. 

About 10 years ago there was 
a brief foray into discount 
stores in the south-east, but 
more recently Hillards’ manage- 
ment emphasis has been on new 
openings, principally in the 
superstore (25,000 sq ft-plus) 
bracket. 

Today. Hillards consists of 40 
stores, covering around 750,000 
sq ft, and concentrated in York- 
shire. Over half Its turnover 
now comes from superstores — 
40 per cent from outlets opened 
in the last five years. 

The recent expansion pro- 
gramme, running at around 
three new stores a year, has 
told on tbe balance sheet: by 
early 1987 gearing was at 
almost 60 per cent and a £14.7m 



TVSCO ®“ 1ZO i 

Pre-tax profits t gjfi ! 

tnciudtnopraMrtW gSI ! 


IWndftQ FBbnary 



rights issue of convertible pre- 
ference shares was announced 
last month, to bring this down 
to the 20 per cent level. 

Even so, there seams little 
doubt among analysts that 
Hillards— in its modest way— 
has been doing the right th i ngs . 

Ironically, its increasing 
pwipiiMis on own-label, central 
distribution and larger stores is 
not so different from. Tesco’s 
own strategy— and so doubt a 
prime reason why the smaller 
chain is today facing a bid. 

Tesco, itself; makes much of 
the comparison. The average 
store size at Hillards, it points 
out, is 19,000 sq ft; at Tesco, 
20,000. Tesco reckons to deliver 
around 70 per cent of store 
merchandise centrally; Hillards 
stands at around 25 per cent 
but is aiming at SO per cent. 

Similarly, on own-label Hil- 
lards percentage Is around 20 
per cent; Tesco manages 45 per 
cent. 

Combine the healthy average 
store size and the scope for 
improvement on the other 
fronts, argues the supermarket 
giant, and it should be possible 
to push Hillards sales per 
square foot — currently £7.60 
— much closer to Tesco’s own 
£8.60. 

That appeal, of course, 
added sense given Tesco’s 
regional weakness. It has only 
20 stores in Yorkshire, though 
has been expanding, for 




ton MacLaori* (left), chairman 
of Tesco. with Peter Hartley, 
his counterpart at HUtazds 


example, at Hull and Blackburn, 
with potential sites at Barnsley, 
Hartlepool and Sheffield doe to 
come on stream. 

Its national share of the 
grocery market is around 13-14 
per cent— Hillards is about 1 
per cent — but in Yorkshire only 
3 per cent “ Given the average 
cost of developing new sites, 
tills does look a very realistic 
way of growing,” says John 
Richards at Wood Mackenzie. 

The numbers also pan. out 
favourably: pre-tax profits 

growth pt Hillards has been 
less than end ting over the papt 
five years, but if the group 
piakes the filOm-plus which the 
City predicts -for 1986-87, the 
bid puts Hillards on an exit pe 
of 29. 

Yet, even without adding in 
the immediate scope for sayings 
via Tesco’s distribution system 
and the elimina tion of over- 
heads, there should be no 
dilution. 

The surprise element i* that 

Tesco has made much of its 
organic store development plan 
recently— especially tijt; em- 
phasis on, out-of-town super- 
stores. 

It is not so tong ago that the 
company was rooting out the 
less successful remnants of 
earlier acquisition moves— for 
example, its chain in Ireland. 

Still, surprise or not; Bit 



lards’ escape route* do not look 
— superficially, at least— pro- 
mising. The exit multiple means 
tiie chances of anyooe else rout- 
ing tn are remote. 

Of the two most likely can- 
didates, Dee is still -digest^* 
Fine. Faro and Argyll has its 
hands full with Safeway's tJK 
operations, which -it : flnfiPy 
acquired on a. similar 24 
multiple— certainly viewed as 
no jsnij^-two month? agp, - 

Anyway, Hillards . yeriefoay 
throw out any suggestion# fctt 
it would gpik a white Anight - 
: A v bettar defence might hr. a 
reference to the Monopolies 
Commission. Yet a comHued 
Tesco/HUlarda would still only 
take fourth place ''after Affia, 
the Co-ops and Moniion in 
terms of regional - 
accounting for 1 under 
emit of tiw market. 

Tbe jump In Tosco's national 
share might bp g better lobby- 
ing OQunter-r-fflod retailers are 
traditionally a sensitive area. 
Yet on a rational basis, would 
Tesco’s additional one. per cent 
really change the industry? . . 

Yorkshire is known- for- its 
gzlb " Even so; Hillards - will 
need ' a r few surprises - up its 
sleeve if it is to see off .this 
particular approach- 
' Another hundred , years of 
independence will' not come 

easy- - ; 


Bluebird advances to £1.7m 


Bluebird Toys, maker of Big 
Yellow Teapot and Aerobie, 
yesterday unveiled a 37 per 
cent advance in pre-tax profits 
for tbe year to the end of last 
December. 

The £1.74m out-turn beat 
analysts* expectations by about 
£200.000 and compares with 
£L27m in 1985. It was achieved 
on sales of £1 1.93m (£8. 68m). 

Earnings per dure rose from 
12Bp to 18.1p and the dividend 
is being raised to 4.615p (3-5p). 

Shares in the company have 
risen strongly in recent months, 
but added just lp yesterday to 
finish at 361p. That compares 
with 90p when the company was 
floated on the Unlisted Securi- 
ties Market two years ago. 

Mr Torquil Norman, the com- 
pany’s founder and chairman, 
said customers had experienced 
excellent demand for Bluebird’s 
toys last Christmas. 

The company's products now 


represented about L5 ngr cent 
of UK toy sales, Mr Norman 
said. It was too early to make 
firm predictions, but the current 
order book was fuller than it 
was this time last year and 
market share should improve, 
during the year. 

The company expects about a 
third of sales this year to come 
from new products. These in- 
clude Manta Force, a space ship 
game. Big Clix Farm Set, a 
building blocks product, and 
East End Stall and Hamburger 
Bar. 

In 1986. tbe company paid 
£659,000 (£508.000) in tax. After 
dividend payments of £276,000 
(£209,000) the retained profit 
was £801.000 (£548,000). Cash 
at bank and on deposit 
amounted to £2.7<n (£2.1m). 

• comment 

Torquil Norman may not be 
able to make firm predictions 
but independent observers have 


Federated Housing sees a 
continuing growth pattern 


Federated Housing. the 
Surrey-based housebuilder 
Which graduated from tbe U5M 
to a full listing 12 months ago, 
pushed ahead strongly during 
the second six months of 1986 
and for the full year raised its 
profits from £1.45m to £2.52m 
pre-tax, an improvement of 74 
per cent. 

Tbe directors said yesterday 
that they looked forward to a 
continuing growth pattern in 
1987 in all sectors of activity. 

They regarded the year as 
tbe first of a five year period 
of expansion which should be 
characterised by a new form of 
partnership with building 


societies, including a combined 
effort to produce rental housing. 

Turnover for the past year 
expanded from £ 13.53m to 
£19.78m, although the cost of 
sales rose by £4£2m to £l5.63m. 
Administration expenses also 
took more at £1.35m (£lj.lm). 

Earnings Improved by 7.2p 
to 16.7p and tbe dividend for 
the year is being increased by 
0.7p to 4p net via a final of 
2.7p. 

The directors have identified 
land for the major part of the 
company’s general housing 
requirements for the next three 
to five years. 


very defioste views about the 
company’s future: it looks 
bright Toy sales are growing 
fast in the UK. Following the 
success of Tpys ‘ R ’ Us, big re- 
tailers like Wool worth and 
Boots ere falling over them- 
selves to increase their presence 
in the market This la expected 
to help lift sector sales to 
around £lbn this year 
as against £850m in 3985. 
Bluebird, which designs and 
assembles its products, has 
aiready proved itself through 
the Big Yellow Teapots and 
lunch box sets on which it was 
launched. Demand for bath pro- 
ducts remains buoyant even 
after five years of growth. 
Future expansion depends on 
the company's ability to develop 
new major sellers end the signs 
are good. The 100,000. models 
of the East End Stall and 
Hamburger Bar which will be 
made this year have already 
been sold, for example, and 
investment dn tooling for new 
products is growing. This year 
margins may suffer because of 
the increasing cost of plastic 
and of advertising, but profits 
should easily reach £2m. That 
means a prospective p/e of 16.7 
but the company record and 
prospects merit that. 


Admiral Computing to 
join market via placing 


BY PHHJP COG GAN ‘ 

Admiral Computing Group 
is joining the main market via 
a placing which will value foe 
company at just over £X5m. 
Around 2.5m shares, 25 ; per 
cent of the equity are being 
placed by County Securities, at 
£1.50 each. 

The company designs and 
produces software systems and 
also acts as a consultant on 
computer projects. It was. 
founded in 1979 by Mr day 
Brandish and Mr Ceri James 
and after specialising in its 
early days on work for the de- 
fence industries, it' now has its 
client list split roughly in half' 
between the financial services 
sector and defence. 

Admiral’s hopes for expan- 
sion are pinned on increasing 
work for the non-defence gov- 
ernment sector, and on a new 
joint venture to exploit Ada— - 
the US department of Defense 
computer programming stan- 
dard. The bulk of the funds be- 
ing raised via the placing will 
go to the existing shareholders 
with tbe rest being used to buy 
new premises and to build up 
working capital. 


Pre-tax profits tor the year, to 
December 31, 1986 were fLOJUn 
on turnover of £6.69m, up from 
£556,00(1 on £4. 45m turnover in 
the previous year. The price/ 
earnings ratio at the placing 
price is around 21.5. Dealings 
are expected to start on March 
17. 


Oceana down 

Pre-tax profit from Ocean* 
Consolidated, investment treat, 
fell from £120,000 fo £77,000 In 
the half year ended September 
30 1986,. and earnings came; to 
0.9p, compared With 1.23p. ; 

The principal Investments 
were unchanged and benefited 
from buoyant market condi- 
tions. Results include tor the 
ftrrt time Oceana Asstt Manage- 
ment Fee-related services, 
taken as a whale. Incurred a ; 
small Ujas^ . 

There were few disposals in 
the equity portfolio, while a 
reduction In the proportion of 
higher yielding gilt-edged . 
stocks resulted in reduced in- 
vestment income. 


DIVIDENDS ANNOUNCED 


AMV 

Antofagasta 


British Car int 


rrent 

Date Corres- 
of ponding 

Total 

for 

Total 

last 

ment payment 

div 

year 

year 

O 

_ 

1.5 

3.5 

15 

117.25 

May 15 

5.63 

8,5 

6.88 

tis 

May 13 

1.16 

2.5 

2 

*4.62 

— 

S3 

4.62 

3 5 

2 

July si 

1.5 

— 

4.5 

2.7 

Apr 17 

22 

4 

35 

5 

— 

425 

7 

5.75 

2.4 

— 

2 

4.5 

3.75 

t0.75 

June 26 

— 

— 

— 

18.5 

— 

15 

29,5 

24.5 

*1.5 

May 29 

15 

1.5! 

1.5 

0.73 

June 30 

0.53 

0.95 

0.7 

t0.4 

— 

0.35 

— 

0.85 

223 

— 

1.25 

— 

4.5 

3 

— 

nil 

3 

nil 

**0.8 

_ 

05 


1 

*1.67 

July 3 

— 

2.5 

— 

4 

July 31 

3,5 

— 

11.5 

1.65 

Mayl 

15 

3 

25 


Wfckes «-67 July 3 — 2-5 — 

Wolseley int 4 July 31 3.5 — 11.5 

Woodhouse Hixson ... 1.65 Mayl 1-5 3 23 

Dividends shown pence per share net except where otherwise 
stated. • Equivalent after allowing for scrip issue, t On capital 
Increased by rights and/or acquisition issues. tUSM stock, 
i Unquoted stock. 1 For 10 months, j] Gross throughout. 
*+ Including OJJp non-recurring payment. 


Ttiisadotrdsmttiltsttai^iaeafplkmcexmtkAt 
reifiarememt(f OteCouaal of The Stock Exdwtftatui 
doesMcmmpuanmsiuaumioaiiyperamtD 

Subscribe for or parciuas shares. Application has btt* 
mod* MljuCcmdl of The Suxt Exchange for tka 
Ordman Sham ofZSp each of Ratmsstmce H ol&ags 
PLCissstdesdnmbmgisaudasddttvmTamw 
beoAmaMdwtksOffkuJLhs. 

Dealings in ihe shares of RenaasaactH oh&pPLG 
anexp*ct£dtocwronat u tml 6 dtM«a<chl 987 . 

R enaissan ce is a npw investment 
company io be managed by Chartfield 
& Co Ltd , lx has been formed to 
acquire shareholdings in; and to 
provide finds and management 
expertise for promising companies, 
principally those which require 
redevelopment or turnaround. 


^^Renaissance 

Holdings Plc 

(Incorporated in England No. 2067054)' 


Placing by 

Hoare Govett Limited 

of up to 6)000,000 Ordinary Shares of 
2Sp each (isithredated warrants) to be 
placed at lOOp per share 


Authorised 


No. 

20,000,000 


Share capital 


Ordinary Share* of 25p each 


" Atoxjmm mtouedand to be issued 
tolly paid in this Flaring 
f No. ■ 

1,550,000 


The secomldismbu tor isNdkonMilnesLunitedj who will ^accnoileMxhjHJ 25% of the shflzes issued. 
Each plareewih receive one wanam for every five shares. Eachwarrani confers the right lo subscribe for 

one shareat lOOp (subject to adjustment) roadate in any of foe years berweeaJSW aqd 1997 inclusive. 
Fractions of warrants wili not be allotted. 


J . 


• *. * 








'-wl ---— -f- — ' v 



Finan cial Times Wednesday March 11 1987 


UK COMPANY NEWS 


««as 

r— fls 

lSt ®ta» h. 

PM 

v 

viewed 
a,1 » aga s 
rdi JWyfc 

> 

— Ai 

®hi 


^ornsjD j 
10 

f* 0 '- 5 EiUsa 
ssr.irj;e 2p.' 

Slij. w^ v 

:1 -m Pirer 
£ iasiu:^» . 

tew’fs ;« 2. */ 

1I7#r ’ iii SJE 
oE ^ 

-ȣ :-fcr sL = 

• r.c; ~ 


•: L'- i y- 


: : '■■■.'■.zz 


ICE 

"V /- 

-iv 

y.UZ 


Charlie Browns 
joins Woolworth 
in £19m deal 

BY CHRKTOPH9L PAJULES. CONSUMER MPUSTMEB EDITOR 


Woolworth HoMtngi yester- 
day continued its drive into 
speciality retailing with a 
fiB.2m rec om m ended offer for 
Charlie Browns, car part 
centres, a northern -chain of car 
part sales and fitting centres. 

Woolworth’s, which is cur- 
rently negotiating to boy the 
Underwoods, chemists chato , 
said the acquisition would 
make "a winning fit" with the 
e xi sti n g Autocentre business 
which is run as part of its BAQ 

do-it-yourself chain. 

Charlie Browns was valued at 
£4.0m in May, 1085, when it was 
floated an the Unlisted Securi- 
ties Market. It has grown, since 
from 33 outlets to 42. Pre-tax 
profits have increased from 
£252,-000 on sales of £0£6m to 
£922,000 on £l8m last year. 

The takeover offer is condi- 
tional on Charlie Browns 
forecasting profits for the can* 
rent year of not less than 
£L35m. 

Mr Geoffrey Midcahy, Wool- 
worth’s chief executive, said 
the blend of B&Q’s retailing 
expertise with Charlie Browns 
strength in servicing would 
give the group a strong footing 
in the fragmented £3bn auto 
aftercare market. 

Mr Nigel Whittaker; B&Q 
chairman, added that perfor- 


mance of the existing chain of 
five B&Q Autoce n tres had 
satisfied the group of the vali- 
dity of combining parts sales, 
service and valeting. 

“Charlie Browns gives us 
critical mass,” he said. “It puts 
ns at the top of this part of 
the market" 

The nearest competitor is 
Halfords, which has some ten 
out-of-town centres and about 
400 high street shops. Kwik-Fit, 
which specialises in fitting 
tyres and exhaust systems, does 
little parts retailing. 

Mr Andrew Bairstow, chair- 
man and joint managing direc- 
tor of Charlie Browns, will run 
the autocentre business, taking 
iheesdstiug B and Q operations 
under his wing. He said yester- 
day that the chain could grow 
to about 300 outlets over the 
next five years. 

Al thong fc some B&Q outlets 
were far bigger, he suggested 
the Charlie Browns formula of 
6.000-7,000 sq ft, with 3,000 sq ft 
devoted to retailing and 4,000 
sq ft for servicing was about 
the ideal. 

Terms of the WooZwortb’s 
offer are 3I6p cash per share 
with a loan note alternative. 
The group has already received 
irrevocable acceptances in 
respect of 55 per cent 


AU-round progress and 
interest cut lifts Pentos 


AU-round improvement and a 
sharp cut in interest charges 
enabled Pentos, industrial hold- 
ing company, to lift pre-tax 
profits by 68 per cent from 
£2 .97m to a record £5m in 1986. 
Turnover rose 23 per cent to 
£632m, against £5 1.2 hl 

Mr Terry Maher, the chair- 
man. said yesterday that 1986 
was probably the most impor- 
tant year in the group’s short 
history. A number of key objec- 
tives were achieved which 
have established a firm basis 
for significant earnings growth 
in the future. 

A major Improvement in 
trading results la again expec- 
ted this year. 

At the operating level, 1986 
profits were up from J&19m to 
‘£52Sm. These were split 
between retail and publish! or 
£ 3 .43m (£228xn); office furni- 
ture £L8m (£L44m) and„ 
property' and-: ■ 'construction : 
£596,000 (£472,000). Central 

costs took £310.000 (£171,000). 

Pre-tax results benefited 
from halved interest charges 
of £515,000 (£1.05m). Stated 
earnings per share _were ^67p 
(6-lp) basic and 5.73p (4.39p) 
fully diluted. The dividend is 
raised to 025p (0.7p) net on 
Increased eapitaU with a final 
of 0.73p. 

Extraordinary charges 

accounted for £498-000 
(£555,000) being the net costs 
of and losses on di s p o s als of 
discontinued busi nes ses. 

Tax charge was £568,000 
(£139,000) representing a rate 
of only 11 per cent (5 per 
cent). The company said there 
was still tax losses and 
unrealised Aur available and 
together with a high level of 
capital expenditure, this would 
mean a below normal tax 
charge for at least the next few 
yean. 

During this year, the com- 
pany expects to invest at least 



Mr Terry Maher, chairman 
of Pentos. 

£8m on capital expenditure, of 
which £8m will be in retailing. 

• comment 

Pentos’8 decision to extend 
the Dillon name to all its main- 
stream bookshops in the UK. is 
testimony to the return achieved 
from the £2m spent on refur- 
bishing the London shop. How- 
ever, it is from Athena (and its 
US sister Arcadia) that most 
growth can be expected in the 
fashion end of the book, cards 
and posters market Shop-in- 
shops within Virgin stores and 
^froiim* should more closely 
identify Pentos with a younger 
market This year £7m should 
easily be achieved, which puts 
the shares at down 5p at 115p . 
on a fully diluted prospective 
p/e of 174- This has to be a very 
full valuation for the stock and 
yesterday’s profit taking can 
hardly have come as a surprise. 
But surely someone somewhere, 
perhaps with a desire to im- 
prove on a slightly dull Image, 
will be interested in a well run, 
fashion oriented business with a 
market capitalisation of under 
£ 100 m that has cash in the bank? 


BOARD MEETINGS 


TODAY 

Interims: B»!»m. CALA. Harrison* 
Malaysian Plantation*. A. and J- M 
law. Precious Msists Trust, Trafford 

Cement 

Ufa Association ofAirtoa. »iw Da non 
OH Trust Novo Industn. Hiyi in. aM , 
M Srecfcholdare Far East Invest. 

Utm £ni*E DATES 

HiSSSfowm-" ” 


tofllos 

Lucas 

WaiV Yorkshire Inrf Hospital. 
Heals: 

A SO — i- 

Abbaycrest — — 

Boas* Maaslml 

Came Us Imssuiwnta 

C* trio's — . — 

Crods international 

House of Laras# 

Johnson Group . 

Jourdsn (Thomas) 

Legal and Gsnani 


Acceptance 
of Demerger 
offer falls 
below 50% 

By Nikki Taft 

Demerger Two, the newly- 
formed company which is bid- 
ding £flOm for London and : 
Northers, yesterday revealed 
that the level of acceptances 
for its bid fell to 47.02 per cent 
by the final dosing date last 
Monday. 

The bid is currently enjoy- 
ing a further seven days’ exten- 
sion, following a request to the 
takeover panel from Demerger, 
with the L and N board's back- 
ing, last wedcend. 

At the previous second dos- 
ing date, Demerger held 
acceptances on behalf of just 
under two-thirds of L and N*s 
shares. However, 10 days ago 
Evered-— the acquisitive engin- 
eering conglomerate headed by 
the Abdullah brothers — 
mounted a market raid and 
and picked up a 14.99 per cent 
stake, including shares from a 
number of institutions who had 
previously accepted Demerger's 
81p cash alternative. 

In addition to the 47.02 per 
cent, Demerger says It had 
further recently-purchased but 
unregistered holdings of L and 
N amounting to 1.07 per cent 
The existing stake held by 
Demerger and its associates, 
and included in the figures, is 
around B per cent. 

Yesterday. Eve red and its 
advisors Robert Fleming met 
briefly with London and North- 
ern and Hill Samuel. Evered is 
not thought to have made any 
further market purchases of 
L and N shares; on Monday it 
took its stake to 202 per cent 
Demerger and Wlnterbottom 
Holdings, the Australian com- 
pany which recently disclosed a 
4J5 per cent stake in L and N. 
are also fboueht to have been 
In contact with the company. 

Common Bros. 

Common Brothers, ship 
owner, operator and travel 
agent swung from losses of 
£630,000 to profits Of £587,000 
pre-tax during the half year 
ended December 81 1986. 

Interest charges fell by I45L000 
to £91,000. 

The directors put the im- 
provement down to a continuing 
strong performance of the 
Bermuda Star Line subsidiary. 
Bookings and revenue projec- 
tions for the second half were 
running ahead of last year. 

The travel operation showed 
encouraging growth, both in 
turnover and profit tersm. 

New opportunities, both 
within and outside the shipping 
sector, were being sought. The 
company’s ultimate parent is 
Norex Corporation of Bermuda. 

TR Pacific Basin 

TR Pacific Basin Investment 
Trust lifted its net asset value 
from 179.4p to 289 Ap at year 
end, January 31 1987. Net asset 
value per fully diluted ordinary 
share rose from 167.6p to 268.6p. 

The directors said that the 
company’s policy would con- 
tinue to emphasise the growth 
of investments outside Japan. 
However, the company recog- 
nised that due to the large size 
of the fund the Japanese market 
would remain its most impor- 
tant investment area. 

Pre-tax revenue amounted to 
£L86m (£L32m). Tax increased 
from £49^000 to £600,000 and 
earnings per share worked 
through at L79p (L16p). 

The directors propose an un- 
changed final dividend of QJ>p 
plus a non-recurring dividend of 
02p to make a total of L3p (lp) 
for the year, 

Miller and Santhonse 

imiw and Santhonse, the 
Liverpool-based optical retailer 
which came to the USM last 
October, lifted taxable profits 
by 67 per cent to £251,000 in 
the six mo n t hs to December 31 
1986. 

The profits growth was 
achieved on turnover up by 
85 per cent from £L27m to 
£220m. Tax took £88,000 against 
£58,000 last time and resulted 1 
in earnings per 5p share of 
3.63p (2.8p). 

A maiden Interim dividend is 
set at Q.75p. 


US problems hit Wolseley shares 


BY PHILIP COGGAN 

SHARES In Wolseley, heating 
and plumbing merchant, 
dropped 31p to 660p yesterday 
after Its results for the six 
months to January 31 revealed 
a disappointing performance 
from Carolina Builders, which 
the group bought for 377m last 
year. Nevertheless pre-tax 
profits tor the group as a whole 
climbed 88 per cent to £32.1m. 

The problems at Carolina 
were largely caused by an 
oversupply of homes in Its 
southern US base and adverse 
currency movements, which 
also affected Ferguson. 
Wolseley’s US distributor. 
Carolina contributed £3.03m to 
first half trading profits and 
total US distribution profits 
rose from £6J2m to £8.74m. 

In the UK, a total of 19 new 


brandies were opened. Includ- 
ing 13 Plumb Centres, and 
trading profits were nearly 
50 per cent higher at £14£8m. 
on turnover 37 per cent up at 
£205.4m. 

The rest of the group has 
been completely transformed by 
last year’s acquisition of Grove- 
wood Securities from BAT In- 
dustries for £109m. Extra com- 
panies were absorbed into the 
engineering and plastics and 
the agricultural machinery divi- 
sions and two new divisions, 
electrical and technical services 
were created. 

Looking forward to the rest 
of the year. Mr Jeremy Lan- 
caster, chairman, said that the 
prospects for the second half 
were reasonably encouraging 
but warned that growth in the 


US economy appeared to have 
slowed. 

Trading profits were £33.06m 
(£17 .72m) on turnover of 
£4B&8m (£300 -9m) and after In- 
terest Of £955,000 (£770,000) 
pre-tax profits were £32Jm 
(£16.05m). After deducting tax 
of £11 .82m (£8 .14m) and 

minority interests of £344,000 
(£15,000). eamlngs per share 
were 16-3 per cent higher at 
21.12t> (18.16P). The interim 
dividend is being increased by 
142 per cent to 4p (3Jap). 

• comment 

The market reacted rather 
harshly to these figures as the 
analysts digested the US news 
and marked their foil year 
forecasts down from the 
expected £75m to around £70m. 


But for the long term, the good 
news is that the Grovewood 
companies, on the surface a bit 
of a ragbag, have been, digested 
successfully: and tbe non- 
builders’ merchants divisions 
can now be built up to establish 
the group as a genuine 
industrial conglomerate. Part 
of the reason for diversifying 
into the US was to escape from i 
the UK building cycle— it was 
therefore inevitable that a US 
downturn would someday dilute 
the effects of a UK construction 
boom. Having taken the 
market’s displeasure, WolseJey's 
distribution division can go 
back to concentrating on its 
pattern of steady growth via 
new branch openings. Even 
on a reduced profit forecast, the 
shares do not look over-rated 
on a prospective p/e of 14. 


Owners Abroad rises sharply 


Owners Abroad Group, the 
USM-quoted tour operator, yes- 
terday announced a sharp 
increase in 1986 profits and at 
the same time said it intended 
to apply for a full listing. 

In order to bring its financial 
year into line with the results 
of two actual holiday trading 
seasons, tbe group has changed 
its year end to October 31. Pre- 
tax profits tor the 10 months 
to that date were £S.19m. 
against fS£lm in the previous 
year. 

For the last two months of 
1986, the group Incurred a loss 
of £ 160 , 000 . after crediting 
£122.000 from the sale of a 
leasehold property at 4 Green 
Street, London, W. 

Turnover for the 10 months 
increased to £1362m (£1 17.2m 
for year) with passenger carry- 
ings reaching a record 12 m, 
against 1.08m previously. The 
load factor was an all-time high 
of 97.7 per cent (97.1 per cent). 

Tbe current year has started 
off veiy well with bookings in 
all divisions tor both winter and 


summer 1987 currently an aver- 
age of IS pec cent ahead of last 
year, with margins once again 
being Tnaint«lnpH_ 

The company is to buy an 
apartment complex in Lanza- 
rote for £725,000, payable wholly 
in cash over a period of two 
years. The complex comprises 35 
apartment in Puerto del Carmen, 
the principal tourist centre of 
the island. An independent 
valuation has been obtained 
which values the property at 
£850,000. 

The group’s new airline sub- 
sidiary, Air 2000. is due to 
commence operation- in April — 
it has not only sold the whole of 
its 1987 summer capacity but 
has also made an encouraging 
start to sales tor the following 
winter season. 

Earnings per Sp share for the 
10 months were 5.52n (3.5p for 
year) and the single net divi- 
dend for the period L5p (same 
for year). Interim payments 
will commence in the 1987-88 
financial year. 


• comment 

With these figures. Owners 
Abroad has demonstrated that 
it pari prosper in what has been 
a difficult year tor some travel 
companies. Thomson may have 
cut its prices by 15 per cent, 
but chairman Neil Scott has 
chosen mar Ei™* over volume, 
and seems to have come out 
ahead, probably thanks to the 
probably thanks to 
the special Interest holidays. 
The company has expanded 
rapidly, using mainly c as h , and 
Is looking tor further acquisi- 
tions in its field. Gearing is at 
58 per cent after goodwill 
write-offs last year, but a ser- 
vice business is never strong on 
fixed assets and that figure can- 
not be expected to drop much. 
With around £7m expected next 
time, the share price of 61p puts 
It on a prospective p/e of 7, 
attractive, but as a small 
operator it is at the higher risk 
end of a high risk industry. 


RHM comes 
under attack 
from Avana 

The low level of acceptances 
for Banks Ho vis UacDoogall's 
offer for Avana Group showed 
that shareholders “fully appre- 
ciate the weaknesses inherent 
in the RHM case," the Avana 
board claimed yesterday. 

RHM announced on Monday 
that it had received acceptances 
for its £248m takeover bid 
representing 125 per cent of 
Avana, the Cardiff-based food 
group. Morgan Grenfell, REM’S 
advisers, had bought a further 
02 per cent. 

“The development of Arena's 
future does not require the 
assistance of RMH," the target 
company said. 

“ The board has a clearly 
developed long-term strategy for 
future growth . . . based on pro- 
duct innovation, capital invest- 
ment and profitable employment 
of people.” ! 

RHM bought a 202 per cent 
stake in Avana from Northern 
Foods shortly before launching 
a full bid last month. 


Pantherella 
in talks and 
requests 
suspension 

The shares of Pantherella 
were suspended yesterday 
following an approach which 
might lead to an offer for tbe 
Leicester-based men’s sock 
manufacturer. The suspension 
was at 17 Op, down lp on the 
day, valuing the company at 
£6 2m having risen 32p in the 
past week. 

Pantherella, the shares of 
which have been traded on USM 
since 1984. say pre-tax profits 
increase from £336.000 in 1979 
to £761.000 in 19S5 with turn- 
over rising from £229m to 
£4Alm. It suffered a setback 
in the first half of 1986 with 
profits slipping by 9 per cent, 
but was expecting to report an 
unchanged figure for the full 
year. 

The directors said they had 
asked tor the suspension of 
dealings pending the outcome of 
the talks and advised share- 
holders totekenoaetion 

CTV adjustment 

Shares in Crown Television 
Productions, the USM quoted 
film, video and television pro- 
ducer, fell Sp to 60p yesterday 
following the company’s an- 
nouncement of changes to its 
preliminary results for 1986, 
published in January. 

The Stock Exchange has been 
told that, after sorting out its 
tax position, the company ad- 
justed earnings per share to 
2.6p in 1986 rather than 4-6p. 
Earnings per share in 1985 were 
adjusted from 7p to 5.4p. 

Saatchi’s Paris date 

Raafrfil and Saatchl shares 
are to be traded on the Paris 
bourse be ginning on March 30. 
Tbe advertising group has re- 
ceived formal approval from the 
French authorities for a listing, 
Saatchi’s third after London and 
Nasdaq in the US. 


110,000 

o 


60,000 


103,000 
65,000 Q 


21,000 


24,000 


17,000 


14,000 







O 


m 1978 1979 1980 1981 1982 1983 1984 1985 


0J 


CHAIRMAN’S COMMENTS 


^canbenod^ra^a ^gSSSSSSSSS^”—' 

r appetite and resolve for ft^B»JP^^j^™*^ ree,,hancedtiy,h0Success 

Cunent earnings continue confident that 1987 wBI be 

half year statement 

SO? MONTHS TO 31st JANUARY 1987 


HALF TBAtf 

Six MONTHS TO 31st JANUARY 1987 

Turnover £33.6m UP 28.2%* 

Profflbeforetax £4.6m UP 65.6%* 

Earnings pershare 7.5£ UP 52.1% * 

Dividend pershare 1.5p UP 20% * 


1986 

IN THE 

PAST 10 YEARS 
OUR 

SHAREHOLDERS 

HAVE 

CONTINUED 
TO GROW 

Yet again BTR have achieved 
excellent growth in the number of 
its shareholders. 

Which only goes to prove, more 
and more people are taking a bigger 
and bigger interest in BTR, 






BTR PLC, SILVERTO WN HO USE. VINCENT SQUARE, 
LONDON BW1P2PL- 01-634 3646. 


,, stoke Common Hoao, t-uoner, ouwu.wioinshlreSLaeHA 






HongkongBank (X) 1 


Hie Hongkong and Shanghai Banking Corporation 

Incorporated in Hong Kong with limited liability 


Results for 1986 


The Directors anno unce that (subject to audit) the profit 
for the year ended 31 December 1986 attributable to the 


luiiuuu a. i ******* i — .. — 

cent The profit was arrived at after providing for 
taxation and after making transfers to inner reserves, 
out of which provision for changes in the value of assets 
has been made. Audited accounts will be published at a 
later date. 

With only slow growth in the world economy, and no 
major upturn in world trade, performance in the 
traditional banking businesses was uneven. In the 
Middle East and Asia, although the economies of a 
number of countries showed improvement, most 
continued to be affected by the low level of commodity 
prices. A major exception was Hong Kong, where a 
buoyant economy and strong trade growth flowed 
through into working profit. 

In the international financial markets falling interest 
rates and enhanced global investor awareness resulted in 
a strong performance by the Groups Capital Markets 
businesses; both the Wardley and Janies Cajpd Groups 


Consolidated Profit and Loss Statement 
For the year ended 31 December 1986- unaudited 
1985 

HKStn 

(audited} 


made significant contributions to Group profits. In file 
United States die contribution from Maxine Midland 
Bank was once again encouraging. 

The balance sheet grew significantly in 1986. In order to 
bring shareholders' funds more into line with the assets 
of the Group, HK$2,O0Q million has been transferred 
from inner reserves to the Reserve Fund. A further 
HKS25D million has been transferred to the Reserve 
Fund from retained profits. 

The Directors had intended to propose a final dividend 
ofHK$0.28 per share, but for the reasons stated below 
they have instead declared a special interim dividend (in 
lieu of afinal dividend) of HKS0.28 per share which will 
be paid on 28 April 1987 to shareholders whose names 
are on die Register of Shareholders on 22 April 1987. 
Together with the interim dividend of HKS491 million 
already paid (HKS0.13 per share), the total distribution 
for 1986 will amount to HK$1,548 million (1985: 
HK$l,447miZ2ion), an increase all percent, thus the 
total dividend per share for 1986 will be HKS0.41 (1985: 
HK$0.38). 


(1,447) 
78 8 

2.270 
(715) 

(72) 

2.271 


HKS0.72 

(adjusted) 

HK50.12 

(adjusted) 

HKS0.26 

(final adjusted) 

HKS0.38 



3986 

1986 

1986 


BKS« 

Sn 

USSn 

Nef profit of The Hongkong and Shanghai Banking 
Corporation and its subsidiary companies 

3,546 

309 

455 

Share of net profits of associated companies 

529 

46 

68 


4,075 

355 

523 

Profit attributable to minority interests in 
subsidiaiy companies 

(1,019) 

(88) 

(131) 

Profit attributable to the shareholders of The 
Hongkong and Shanghai Banking Corporation 

3,056 

267 

392 

Transfers to reserves: 
by the Bank 

(250) 

(22) 

(32) 

by subsidiary and associated companies 

(242) 

(21) 

(31) 

Dividends paid and proposed 

(1,548) 

(135) 

(199) 


1,016 

89 

130 

Balance brought forward 

2,271 

198 

291 

Transfer to Reserve Fund 

(573) 

(50) 

(73) 

Exchange adjustments 

30 

2 

4 


2,744 

239 

352 

Earnings per share 

HK$0.81 

£0.07 

US$0.10 

Dividends per share 



• 1 

Interim (paid) 

HK50.13 

£0.01 

US$0.02 

Special interim (proposed) 

HKS0.28 

£0.03 

US$0.03 

Total 

HK$0.41 

£0.04 

US$0.05 


Capitalisation Issue 

The Directors also intend to recommend to shareholders at 
an Extraordinary General Meeting to be held on 14 April 
1987 that a capitalisation issue of shares be made in the 
proportion of one new share for every eight shares held on 
22 April 1987 by the capitalisation of HK$1,179, 695,228 
from the Reserve Fund of the Bank. The capitalisation 
shares will not rank for the special interim dividend or for 
the rights issue referred to below but will rank paripassu 
with existing fully-paid shares in all other respects. 

Rights Issue 

The assets of The Hongkong Bank Group continue to 
increase rapidly and the Bank is in a very strong financial 
position. The Directors nevertheless believe that, with the 
increasing volatility of financial markets and the associated 
■worldwide regulatory trend towards improved capital 
ratios, it is prudent to further strengthen the Bankas capital 
base. 

The Directors are also of the opinion that, while current 
conditions in the global economysuggest a prudent 
approach to capital and liquidity ratios, those conditions 
will themselves provide opportunities in die banking sector 
which will be most easily grasped by the bettercapitahsed 
institutions. They accordingly announce that a rights issue 
of 47 1 ,878,09 1 shares of HK$2 .50 each will be made to 
raise approximately HK$3 ,303 million. 

The Rights Shares will be provisionally allotted to those 
shareholders whose names are on the Register of 
Shareholders on 22 April 1987 in the proportion of one 
new share for every eight existing shies then held. The 
issue price of HK57.00 per share will be payable by not 
later than 3.00pm on 13 May 1987. 


for the year ending 31 December 1987. The Rights Shares 
will not rank for the capitalisation issue or for the special 
interim dividend referred to above. 

The special interim dividend (which, as mentioned above, 
is of the same amount as the final dividend that the 

Directors would have recommended in the absence of the 
rights issue) is being paid in that form and before the dose 
of the rights issue both to assist shareholders who wish to 
take up their rights and also so that there is one record date 
for the special interim dividend, capitalisation issue and 
rights issue. 


By Order of die Board 
RG Barber 
Secretary 


The rights issue is being managed by Wardley limited and 
James Capel Bankers Limited and is hilly underwritten. 

It is expected that ri^its issue documents will be posted to 
shareholders on 22 April 1987. 

dosing of Register of Shareholders 
The Register of Shareholders of the Bank will be dosed 
from 31 March until 22 April 1987 (both dates inclusive) for 
the purpose of determining the identity of shareholders 
entitled to the capitalisation issue, the rights issue and the 
special interim dividend. No transfers of shares may be 
registered during that period. 

General Meetings 

An Extraordinary General Meeting will be held on 14 
April 1987, at which resolutions will be proposed to 
approve the rights and capitalisation issues. The Ordinary 
Yearly General Meeting will be held on 12 May 1987. 

Prospects for 1987 

The United States’ economy, which is the key to world 
growth, is expected to expand at a slightly faster pace in 
1987 under current fiscal and monetary policies. World 
commodity prices have stabilised and are beginning to pick 
up; inflation may well assume a slightly faster tempo. The 
recession has bottomed out in most South East Asian 
economies, but in the Uni ted States the size of the trade 
deficit and the banking industry^ exposure to Latin 
American debt continue to be a cause of concern to its 
trading partners. 

In Hong Kong loan demand has now begun to improve and 
the business outlook remains encouraging. Protectionism 
continues to be a threat to domestic exports, but die 
business sector is generally confident that further growth 
will be assisted by a slow but expanding international 
economy and the progress being made in penetrating the 
Japanese and European markets. 

Overall there are grounds for optimism and based on initial 
indications the trend of the Group k profits this year is 
encouraging. The Directors expect that the level of profits 
in 1987 wifi be sufficient to enable the Bank to pay an 
interim dividend of HK$0.12and a final dividend of at least 
HKSO-25 onthe capital as increased by the proposed- 
capitalisation and rights issues, resultmgmatotal 
distribution for 1987 of HK$1, 746 million (1986: HK$1,548 
million), an increase of 12.8 percent 


Hong Kong, 10 March 1987 



achieved by British Car Au ct io n 
Group in the half year ended 
January 31 1987. They Showed 
a rise from 14.77m to £7J87m 
and from 3£p to 6.41p per 
share respectively. 

Mr David Widens, cha irman , 
attributed that to the additional 
volume of vehicles sold, par- 
ticularfy in the us, and to 
improved margins in both 
countries. 

In the second half trading 


h a^ continued to be good, and 
he expressed every confidence 
in the group producing M excel* 
lest results * for the full year; 
In 1985-86 it made £13£3m 
before tax. 

The interim dividend is raised 
from L5p to 2p net; the pre- 
vious final was Sp. 

Mr Wicklns add In the UK 
the new Blackbnshe auction 
complex ** really came into its 
own **; it was already experienc- 
ing some space problems and 
an additional sale day bad been 
added. The other auction 
centres traded well, with a 50 
per cent lift in UK profits 
coming from additional sales 
and better margins. 

To maintain progress, rite 
group was negotiating for 
farther sites suitable for deve- 
lopment on the same lines as 

Blackbushe. 

In the US significant improve- 

Wickes rises 
73% to £6.5m 
on DIY growth 

Wickes, the J>IY retailer 
ultimately controlled by 
Wickes Companies s i the US, 
revealed a 73 per cent 
advance in pretax profits for 
the 53 weeks to end-Januaxy 
1987. 

On turnover ahead of 37 
cent to 2145.42m, taxable 
profits rose to £6.45m 
(£3. 72m). After tax of 
£&26m (£L21m), earningB per 
40p share came out at 12.7p 
against 9p last time. 

Wickes, which came to the 
USM In January 1986, is pro- 
posing a waM * n filial divi- 
dend of lA7p matting 25p 
for the year. 

Mr Henry Sweetbaum, 
chairman and chief executive, 
said did operating efficiencies 
had improved trading margins 
in an countries. 

Wickes retails timber, 
bonding supplies and ether 
home Im p rov e ment products 
from 54 outlets in England, 
Belgium and the Net herl ands. 

During the year, four new 
outlets were opened in the 
UK and two more began 
trading in Belgium. In Febru- 
ary, Wickes arranged a £30m 
eight-year unsecured lean 
facility to fund the planned 
expansion of stores In the UK. 
Since then, a new store was 
opened in Bristol and three 
more were currently under 

construction. 

« 

Tyzack in deals 

W. A. Tyzack, manufac- 
turer of precision engineering 
components, has agreed to 
buy two private companies, 
Seddon and Bramhall, and 
A. R. Heath cote. The total 
consideration of £14m will be 
satisfied by the allotment of 
1.97m new ordinary shares, 
representing 27.9 per cent of 
the enlarged equity. 

Seddon and Bramhall 
manufacture transformer 
cores in Sheffield and Glasgow , 
and reported pre-tax profit of 
about £74,600 on tnnrover of 
£546.000 in the 8 months to 1 
November 30 1980. 

Heatbcote, a machine knife 
manufacturer based in Sbcf- 
field, showed pretax profit of 
£129,000 on turnover of £2m , 
for the 10 months to October 
31 1986. Both deals are con- 
ditional on shareholders’ con- 1 
sent. 

Tyzack directors said that 
for the year to July 31 1987 
they intend to propose total 
dividends of not less than 
2.2Sp per share. Last year a 
total of 2p was paid. 


Financial Times Wednesday Mto* 11 1987 

UK COMPANY NEWS 


Lambert 

Howarth 

profits 

up 56% ; 

By Phfflp Coggan 
Lambert Howart h Group , 
the footwear i uaahfafiMter^ 
yesterday 

ary pre-tax pn£* bm year 

to December 3L up » per 
cent at SZMm from £L64w 
in the preriow year. - V 
Mr Martin Jourian, chair- 

rent year had started weH an<r 

there were good reasons to bfe ■ 

optimistic. • - . 

Over tbe pa* f«F SW=5. 
Lambert, which supplies, 
about 60 per cent of its turn- 
over to Marts and Spencer* 
l»s altered its range. _to *&• 
duee its dependence on 
women’s slippers and to <Mn 
eentrate on 

added-vahie women’s dues. 

Along with a rattonafisafiOT 
of production UxW&a.at 
Burnley and JUssendale Yak . 
Icy, the change rtf* 4 *** 
has helped Lambert to in- 
crease its margins rowdier- 
ably. Sales were waly up tt- 
per cent c«mpared-wffli..* M-. 
per cent increase in operat- 

. reported dp 

iMww m ere o eea lathe sales , 
end profits of Lambert’s tab- 
porting division, which b ri ngs :'' 
In shoes from Italy, Spain add': 
Portugal. . During flte year,? 
the group set up - Arcadia,-;* ■ 
division trading ^tarfpaBy. 
with the Fir Bart, H 
Operating profit ef &M m ■ 
J£ L52m) on turnover «f : 
£S3J4m (£27J6m) was taken 
after chanting Interest pay- 
able of awn*; 

After a tax charge of £689,909. 
(088,000), earotags per 
dare were 21 per cent higher 
rt 24Ap <19^). JIhe^pro- 
posed, final dividend Is betag . 
set at 5p (A23P) making a. 
total «f 7p (5.75p)i ..The . 
Ones dosed' - 20p down at *■ 
393p. . 


used car market in 1984 and 
1985 seemed to be resolved. 
Sale proceeds for the first six 
months of 198847 were over 
|ltm and pretax profits 8t84m, 
compared with filJSm for the 
previous year. 

Completion of the sale of All- 
state Vehicles took place on 
December 3L Leasing income 
and pretax profits of £435,000 
were included to the sale date. 
The sale elfmhuitfid borrowings 
of 877m. 

The share of profits of First 
Security Group (40 per cent in- 
terest) was £356,000. Current 
market value of the investment 
stood at £11.13m. 

In the half year gross auction 
proceeds of the group came to. 
JELOTfaa <£73L38m). Commis- 
sions earned were £8&Bm 
(£ 28 m) and leasing income 
from the US £8£m (£12^8m). 
After tax £2JBSm (£L5m) and 
last time £309,000 minorities 
and £L97m extraordinary gains, 
the attributable balance was 
£5m (£4A4m). 

• comment 

The most important message 
delivered with these solid 
interims is that David WicJrins 
is bored. A year ago BCA was 
a hotchpotch of auctions on both 
rides of the Atlantic, Attwoods, 
Group Lotus, STve Oaks Invest- 


was but a gleam in tta chair- 
man’s eye. It may not have 
been easy to follow but there 
was plenty of movement in 
tiie meantime, US leasing has 
been sold and in the great 
divide with Michael Ashaoft 
Attwoods fell oat <& the BCA 
bag. What is left Is a pair Of 
solid and fully-owned car 
auction businesses in the UK 
(up to £4Am from £2.7xn last 
time) and the US (at £&3m 
this time round) pins the 40 per 
cent stake in first Security 
(£356,000) and a good cashflow- 
With money burning visibly in 
his pockets, Mr Wlcktas looks 
unlikely to just sit still. He 
could sell up (Unigate, various 
and insurance companies 
are mentioned and would make 
sense within BCA's context as 
a quasi -financial services com- 
pany which uses other people’s 
cars as its source of interest 
free deposits) and spend his 
retirement playing the market 
at a gentler pace. Alternatively 
he could snap up a couple of 
struggling smaller companies in 
the engmeering/antamottve see. 
tor in order to refresh, below 
the line profits, his speciality. 
Forecasts of £19m suggest a 
prospective p/e of Id at 218p — 
rich but not overly so by US 
standards. 


Thomas Robinson exceeds 
expectations with £7m 


BY JANICE WARMAN 

Thomas Robinson Grasp, the 
fast-growing engineering group 
which made five acquisitions for 
a total of £37Am in 1986, ex- 
ceeded market forecasts of 
£6 An iwth year-end pre-tax pro- 
fits of £7 .05m, almost triple its 
adjusted figures for 1985. 

Mr Graham Rudd, chairman 
and chief executive, confirmed 
the group’s continuing expan- 
sion policy, saying that it was 
looking at possible takeover 
targets to join its present pro- 
cess, woodworking and engin- 
eering divisions. 

He also revealed that Robin- 
son aimed to start up a fourth 
divirion but would not reveal 
its area of operation beyond 
saying that some members al- 
ready had experience in the 
field. 

The results to December 31 
1986 included a full year’s 
trading from Vicars Group, 
Spooners Industries, W. H. 
Dickinson Engineering and 
Titman Tip Tools, which were 
accounted for on. a merger- 
accounting basis. - 

WadMn, the loss-making 
manufacturer of woodworking 
equipment ufcicb Robinson 
bought In March 1986, had been 
included from the date of Its 
acquisition. After a rationali- 
sation programme including thd 
sale of Wadkm*6 loss-making 
foundry, it made a £L5m con- 
tribution for the year. 

Last month the group 
acquired KHmataik Holdings, 
air conditioning engineers, for 
£1.68m. 

Robinson’s original pre-tax 


profits for 1985 were £411,000 
on a turnover of SlOJSm, 

Turnover this time was 
£70.6m as against £3&4m, with 
earnings per share at 25.7p from 
7.5p. Directors announced ■ a < 
dividend since 1981 of Sp, the 
first since 1981. 

The company used its June 
1986 rights issue to reduce bank 
borrowings to £3m, said Mr 
Rudd. Strong financial control 
and effective management had 
provided a platform for further 
growth in 1987, he added; 


• comment 

Robinson’s merger accounting 
has left the extent of its organic 
growth less than clear, but that 
is a small quibble next to its 
undoubtedly good performance 
and rational pattern of acquisi- 
tions. With five in 1986 ana one 
so far this year, the company 
is clearly not going to stop here. 
A strong management- has the 
talent and ability to buy and 
integrate companies^ several 
private companies and a couple 
of public ones are under their 
eyes at the moment. Graham 
Rudd seems to be following in 
the footsteps of younger brother 
Nigel, chairman of the acquisi- 
tive engineering group Williams 
Holdings, Borrowings are low, 
with the rights issue helping 
to take gearing below 10 per 
cent. The City- expects around 
£L0m next time. Tax losses 
should keep the tax charge 
down to 25 per cent and leaves 
the shares, at 405p, on a pros- 
pective p/e of 12. . 


Christian Salvesea 
in £ym disposal • 

nhriwtian Salvesen has core 
nleted its withdrawal from 

housebuilding and property 

activities ' with the sale of 
Adttna A MeCanl tta small - 
land >nMiw S subridbuy, fine 
£L4au 

, Salvesen has redtsed .a 
total nr over £55 jb from its 
withdrawal from these activi- 
ties. Of this amount, almost 
£5u represents profits attribu- 
table to the 1986-87 financial 
year and win amear in the' 
jp and X aoeenBtnnr the yean 
The art £50m c api ta l 
receipt .IneMes a gain of 
about £5m over bm* values 
against which some provlstons 
wonw taadc. "v- ' 


LIG considers sale 

London International Group 
said that It waa.dlseundng the 
posrible arte of Haflenden 
Moulding; - which . makes 
rubber . and - plastic products 
tndudlng hot water bottles. 

The prospective buyer, 
which was not Identified, 
would ;; continue to. supply 
moulded . products to LIG 
snbridhuy Duraplng Eleetri- 
cab, the company said. . . 


Woodhouse & Rixson unchanged 


Woodhouse & Rixson (Hold- 
ings), the Sheffield-based forge- 
master, yesterday turned in 
virtually unchanged pre-tax 
profits of £1.15m for 1986. 
following a downturn in second, 
half figures from £605,000 to 
£525,000. 

Mr Jock Sutherland, the 
chairman, said however that 
the result— which compared 
with £L14m In 1985— repre- 
sented quite an achievement in 
the light of the collapse in 
demand from the oil industry 
and a substantial decline in 
orders from the mining and 
power generation sectors. 

He added that the former 
reflected the depressed state of , 


the oQ and oil-related industries 
internationally due to lack of 
demand, while the latter 
stemmed from Governmental 
failure in the decisoin-maktag 
process regarding the ordering 
of coal or nudear power 
stations. 

Sales in 1986 improved from 
£l0.54m to £10Jhn. Sales to the 
oil sector amounted to 40 per 
cent of annual turnover be- . 
tween two and three years ago, 
but bad now reduced to about 
13 per cent, Ur Sutherland 
pointed out. 

Order intake in early Janu- 
ary. mirrored that of the 
depressed final quarter of last 
year, but. thereafter a steady 
improvement had taken place. 


The .chairman said it was too 
early to venture expectations 
for 1987 as a whole, but the 
board remained quietly confi- 
dent of another satisfactory 
year. 

With stated earnings per 
share ahead at 8Jp (7£p) the 
final dividend is raised to 1.65p 
(L5p) making a total 0.5p 
higher at 8p net. 

Interest payable. was lower at 
£8J)00 (£53,000) and tax took 
£319,000 (£334,000), giving & 
net balance of £834,000 
(£803,000). 

. year-end balance sheet 
showed net - assets up 16 per 
cent to £&0m (£3 37m) for net 
assets per share of S7.7p 
(32.7p). 


COMPANY NEWS IN BRIEF 



COLOROLL (wallcoverings and 
home accessories): Acquisition 
of Florida-based Wallco for 
$lL5m (£9 -3m) to fie satisfied 
by issue of 3m ordinary shares. 
Coloroll is to raise a further 
£3.lm before expenses by the 
issue of im ordinary shares to 
provide additional working 
capital. 

UNITED BISCUITS Holdings: 
Holders of 5£ per cent unsecured 
loan stock to be invited to 
approve proposal whereby out- 
standing £L5m of stock to be 
repaid on basis of £80 cash for 
each £L00-worth and so on in 
proportion for any greater or 
smaller amount. Plus accrued 
interest to date of repayment 

■gnus CATERING Batchers has 
agreed to purchase Ken Read A 
Son (Wholesale Meat) for a 
valuation of £lm—769JZS0 ordi- 
nary shares to be issued at l30p 
each. An adjustment will be 
made should net assets be 
£900,000 or less. Read is based 
in Spalding, lines. 

MERCHANTS TRUST — Final 
dividend 2.4p making 4.5p 
(3.75p) for year ended January 
81, 1987— « 20 per cent increase 
is forecast this year. Net earn- 
ings £4.72m (£&£&□) or 4.62p 


(3.79p) per 25p share. Net asset 
value 172.83p (1S4.03P). 
RELIABLE PROPERTIES (pro- 
perty dealer): Interim dividend 
2J25p (L25p) net for half year 
to December 31 1986. Gross 
revenue £884413 (£539423) and 
pre-tax profit £620,821 
(£252,029). Tax £217487 
(£100.812). Earnings 10-8p 
(Up) per 25p shares. 

ABACO INVESTMENTS is to 1 
acquire loss adjusters Trundle ' 
Heap & Baker for up to £8fim. 
This is payable as to £6Am on 
completion and a maximum 
£2,7m following receipt of 
THB’s accounts for the year end- 
ing April 5 1987. Half of the 
initial payment will be met by 
the issue of 4.57m Abaco shares 
not ranking for the April 
■interi m dividend. Maximum 
deferre d con sideration will be 
due if THB profits are at least 
£850.000 for 198687. With the 
acquisition Abaco will meet Its 
objectives in the UK of 
increased geographic coverage 
and broader client base. 

RFP HOLDINGS, financial 
training and publications group, 
has acquired Mantech Training 
for £875,000. Consideration is 
to be satisfied by the issue of 
156,904 ordinary shares of BPP, 
representing 4.7 per cent of the 
enlarged share capital. 


Abbott Mead Vickers sees 
year-end profits top £3m 


Abbott Mead Vickers, the 
advertising agency which gained 
< full stock exchange listing in 
December 1985, saw pre-tax 
profits rise from £2£m to 
in the yw ended December 31 
1988. During the period, gross 
billings moved ahead by 88 per 
cent from £SOm to £08m. 

Mr David Abbott, chairman, 
said that the results lied been 
helped by a meaningful contri- 
bution from L eegas Delaney, 
the advertising agency which 
AHV acquired last autumn.. 
There had been “ an astonishing 
turn around** ip a very short 
time and he had expected 
Leagas only to break even. 

Mr Abbott reported that 
during the year every depart- 
ment in the agency had been 
strengthened and this had 
brought encouraging rewards 
in -terms of a very solid . new 
business performance. He said 
1987 was already, proving to be 
exciting tor the group and 
further new business had been 
gained. . 

He believed that there was 
plenty of organic growth ahead, 
and the group remained 
Interested in. relevant acquisi- 
tions which made financial and . 
operational sense. 


After tax Charges of £L2m 
(film),", ear ni ngs ' .per share 
worked through ait 14.76p, up 
from ifiXSip last time. 

The group propose a final 
dividend of 2p, making a total 
of A5p tor the year. Last year 
AMV paid only a final dividend 
of 1.5p. - 

William Morris 

Hanover Grand, a- private 
investment company, has sold 
3m shares in William Karate 
Fine Arts, the USM-quoted wall- 
cover manufacturer. 

The sale leaves ..Hanover 
Grand with 2.25m shares in 
Wiliam. Morris, which has 
3 1 . 2m ordinary Shares in issu&^ 
In the first half of -1986,- Wil- 
liam Morels made - a pre-tax 
profit of £194,000 on a turnover 
-of £4.67m. Earnings per share 
were 0B9p after extraordinary 
debits. ■ .t ■ 

Shares in William Morris 
dosed unchanged at 2L5p. 

Yale Catto 

Yule Catto has increased its 
stake in Reabrook Hoidings, the 
aerosols and cleaning phatniw it 
group, to 21 per cent 















<■“»*! 


V,? 










^2 


1 220 
UJ 
Oil 
in 
on 

OJ« 

371 

arz 

on 

au 

ass 

U2 





3E 


r»-“ 





i 



w 




KBS* 


~ J nB3H 

i . . . i . — _ i 


3 E 


fa 




4.15 
1*1 

1M 

On i«cunUiiui 


tam 


FT CROSSWORD PUZZLE No. 6,274 

PROTEUS 


rawal 

■ ■m 

■ ■ ■ 
mmmmm 

SiSiiiafi 


ACROSS 

1 solve the riddle of the Osh in 

the river (6) . . .. 

a hp may come up with the 
poods in dramatic style (8) 

10 f£S at table where director 

11 Breaks^ 10 portions (5) h U 
}J Jejune attempt to entrap bull 

13 Ribs out fit tho“^ nothing 
a number fo 

j« gfjas£?ff «—■ 

mon cab (7) ^ article 

« ciri academic wnn 


6 Declaration of French atti- 
tude GO) 

7 Island for dealing in copper? 
(5) 

8 Be vested in Army team 1.6) 

9 doth doctor is required to 
show (6) 

14 Urges poor actor (with 
nothing in the Post Office) to 
have hair treatment (3, 7) 

17 Money assigned to food-pro- 
duction area (9) 

18 He may ask Tor a hand from 
professional model (8) 

20 Openings for splitting atoms 
by volunteer force (7) 

21 Bird at airport (6) 

22 Complain about something (6) 

24 Turner somewhat foil at 

heart (5) 

26 Animals brought up by lead- 
ing performer (4) 

Solution to Puzzle Nou 6,273 


13 b Q H 0 3 r-i m 

- ranr3HQr333^ 

ei hoe a a a n 
EBsnnaasa naog^ 
u n n a u a- a 
oraaanEJ usarafncja 
mum :■ U 

BESCnsn RfiREEB 
ei a Ej n - B a b 
asEica EBnBrannnn 

a s ass s a Q 
HEtiQaHnas qqebb 
Q Q a Q Q B Q Q 
Mracragg qbgbbqbh 


1 TO. *5322 unnUi 
-a5^ 174 [m>i v 

■ — J 2-1* 1*6061 UI 

G+iAFmL 
UainUt 
HU* TirkJ 

•486 4365 (tea* U. 
*2.7 261 l«Q«_ 
-02 229 ■ Acorn U. 
-U UZ 

-CU 093 iAcootUp 
- 06 I*. ItaMMP 
♦OS 250 NwdlbK 
-Ol 452 lAcnoU* 
-02 435 Suiter C6 
*05 405 (AcomiUi 
-U LTD 
+0j ooo 
-4M L67 

*04 2.7* 

.. 1.47 


0202 772345 

zd = 







1225 4403 
*02 IJ1 
*04 4J3 
-oj aio 
*02 L42 
*02 on 
-02 0 42 


16115. 
-Ol 054 
+03 4.74 
+Ojl 0.44 


7+Hfr*fCr U 
Fh*44Cwi» 
Pccllt OiM 
mwiiM 

5*t4Wr Com 

tetaxfO 

PTKttj* Pa 
HW4|AM9U 
UK HI 




SX6 Man 
SOCoMMU 
lncS6*eilc 
DoAcn*.- 

San a r 

23 Written 

CjorJ Hi*. 
0706 6M*t 

AurMclC 


a 

— 03) 

-ol 

134 

3.91 


2.40 

013 

-04 

078 

078 

-0.5 

071 


230 

_ j 

230 

1 

9-09 

-02 

631 

+l3 

*06 

*05 

*06 

□69 

069 

034 

OJM 

=§ 

mn 

139 


aw 

-L* 

“ 

01*60 

j)7S95 

I 

. _ 1 


fc 



f* - 


m 







m 



a 

34 
73 

$ 775 

.7 73J 

seai 
424 
5*; 
57. 

» 224J 

sno: 

ZB.4 1363 

777 1BJI 

7a- 


i3f 


134 

2«) 

3 340 

J 

£ 


me 


Ltd 

44414U2 


















































































































































































iii£ ft 
























































Financial Times Wednesday .March il 1967; 


COMMODITIES AND AGRICULTURE 


Crop shortfall highlights 
Chinese grain problems 


Aluminium I London 

'markets 


prices fall 
as stocks 


SUGAH FUTURES prices 
were firmer on the London 
market yesterday, with nearby 
positions regaining abort 
half of Monday's falls of 
nearly f5 a tonne. This 
reflected a stronger time in 
New Tort; a reported plan by 
Enpropean traders to seH lm 
tonnes into EEC intervention 


indices 

REUTERS 

MarTlOMan O ftrth awjYaarMQ 
163X.7 I 191SA l 18SS.T 

(Boa*: Saptembor W 

DOW JONES 


US MARKETS « 

EARLY trade buying in 
gold futures raffled prices mw 
before bade and commissi on *“■ 


HBATHtoOS. - ■ . .. 

42400 OS ftpurt. cwif/Ua QWWW' • 

dtM r bnv fwT I ow 

April «MS «.* g* 

Msy «.1S 5.1* 22 

JUM 0740 £•*> 25 

July 4TJK *7-5* «•» 


house selling prompted local uat Swo 4 M» *tjo 4740 
seflin & reports Drerel Bua- Iwt «mq *a.aa «a» «-» 

b*n iMUCtt. Late js-lw ~;unr' Jilin SUM lb. cmb/Bi - 


BY ROBERT THOMSON (N PEKING nse 

CHINA’S wheat imparts are pest infestation, and diseases. oop 407m tonnes, up By Our Commodities Staff „ 

likely to increase significantly Chinese officials nave estim* from SXta tonneslast Year and ALUMINIUM prices fell tonnes into EEC intervention 
this year after tower production ated that 40 per cent of the wQm tona» zn 29^. He Kang, a t the London Metal stores today and talk that 

targets which could also cause country’s winter harvest— which the Minister of Agriculture, ^change yesterday following Braril had secured, or was 

serious problems for a Chinese accounts tor about 90 per cent Animal Husband ry a na provisional figures from the near securing, determ e nt of 

leadership dedicated to grain of annual output— has been Fisheries, this we&K Teveaiea metimte of Primary Aluminium a large contract doe to he 

self-sufficiency. affected by sho rtag e of water, that the goal for 1987 has been showing that western stocks had shipped to a European buyer 

Wheat imports for 1987 could revised t0 40001 toime& - risen by 59,000 tonnes in this year, itemed Inter* 

iwk ilhn tanncHc nr mm*, accord- pMtedly empfiasisea tne need to Australia. Canada and the US January. vention sales would Is® te 


Dow . Mgr. 

JORO* 0 


Ktf.lMtf.1 Mth ■**• 
9 I 6 } ago M° 

J13.60 1W.94 - 


sesshw, locals revered ttrir ■ OMWE rr ' SF t=- 

short* to rally prite* 1 Mtcth m» moo ia !55 mio 


lows. Silver and. ptofinam *** iszjo uus wk wsa 


teat — >,*■** 

PSl ;112J9S 112.00. —jWM* 

’{BM*iTD»OMiiI>tr6t’TrS31 «fOOJ 


main price changes 


be lOn tonnes or more, accord- » Australia, Canada and the US J«muary. f _ 

tag to diplomats, a large in- stimulate prodocHon, ana an y^giy to dQ ^ put of the Traders' forecasts had ranged 

crease on last year’s imports of hmxufr increased wheat needs. Austra- between a fail of 100,000 tonnes 

just over 7m tonnes, and the dLSSKd last year supplied abort 50 and an increase of 45,000 

im* r» ance of gram was aistnoutea ^ cent ^ ^po^g && Canada tonnes. 


1885 figure of 6m tonnes. per cent of imports and Canada tonnes. 

Forward purchases have been c.rain hL, lnm, been a semd- abwrt 40 *** *«*. whUe 010 , ^ ? ews prices down 

substantially higher than far w™ political issue in China, and DS lw £ ah^dy offered lm in early trading, before they 

S^SpShJdSrtyear.anda 25££E! thU year at ■rim- raUmd 

previous US Department of warned that a fall in produo- P* 11 * 8 - a^Jmstprobafaie April options 

Agriculture estimate that im- tion could lead to social “ chaos." China has attempted to a lnct 

ports this year would be around u, e need for increased imports, increase incentives for farmers *?? 

75m tonnes is likely to he an the vast majority of wtteTwlli to grow grata by reducing the JSTSfSHi 
underestimate. . be wheat, is a serious loss of amount of state purchases at Si ^tiriDatS a JSs^bSow 

/-ui. Iuum A,, Mwnnmi, w rfn wintw snd fin>d nrirM Tn most areas. tOIS anticipated a Close DeiOW 


vention sales would be in 
protest at the operation of 
EEC export subsidy policy, 
which traders complain takes 
little or no account of market 
conditions. The Braxtilut 
deferment is required be- 
cause a crop shortfall follow- 
ing adverse growing condi- 
tions last year. At the London 
Metal Exchange the cash 
copper price was boosted by 
further signs of supply tight- 
ness; Traders noted isolated 


Grain production has been face for economic reformers and fixed prices. In most areas, rwdXrffSM vZLJ* Vf "L* urn 

hindere d C, combto ati .a of != _Ukel, to _W_to to* JS5ES*Sf.2S^iSS!4S 


METAIA_ 
Aluminium 

FreaK 

^S?Gntd* 

3 irith»-~ 
Gold Troy ox— - 
Load teas*— 
a mU ifc i. .. 



Free Mkt~ 
Pulhidlutn ox- 
(Hatlnum oz 
OUtoMilvort 
SI Ivor troy oz~— 
3 mth* 

Tin 

free W H O... 

Sub 


Mar. 10 + or Month 
1M7 — 08* 



futures lacked any significant 
feature, bat in -copper eany 
trade selling was co unter - 
balanced by fund buying 
HRHUBting tile locals to buy 
trMdt kept the maxtet rteady 
for On seat of the day. Cnrte 

oU futures were dominated by 

local short-eovering In tight 
niSBe as the market trifled 
higher. The trade was a ligW 
buyer, selling aae W 
from mixed profit-taxing; 
ilthough Indications were tiwt 
tile trade would be a seuer 
above the high s. Coffee 
future s recovered on i trea 
short-coveiing and 
roaster price-fix T ying. _ m 


moo vum mao mao 
mao mao moo mm 


CRUDE OIL (UGHO «*» ue . 
—Bona. 

UM Prwr " ttigb ""tow 

April W.ur >3.05 1BJ0 1B.K 

May 17JS VJto 18.10 ‘ VM 

Jim T 7 J 8 VM VM ' VM 

July 17 JO VM Vm VM 

Annual. VA 6 VM . T7.M VM 

Stet VM VM VM VM 

Oct VM VM - VM VM 

Doc VM VM VM VM 

4 m VM VM - VM VM 


SILVER MOD troy w. a o U/ ftw ox 
Ctoca Pr*v Htgh Low 
March B6E.fi £8EA 6W.B .S60.0 

May sei.0 MJ HU mi. 

July SB7 A . 6*7,1 • 8«gs . SOM 

Sent S73.fi srajl E7X6 E72J5 

Du 9BZA VOS mb MUS 

*an 888.1 B8 BA-- — 


sugar futur es early trade buy- m*tc& mi m\* '■ an A' *m.o 


tries, a serious shortage of mated that grain production cents a kilo, while i 
chemical fe rtilise r and fuels, this year could equal the record price is about 17c. 


Congress prepares for battle 
on sugar support policy 


month and cash prices closed 
down £12, at £83750 and 
£877.50 respectively, leaving a 
cash premium of £40. 


USE prices supplied by 
Amalgamated Metal Trading. 


Palm Malayan 
Seeds 


!*570x 

jiSSfiv j ! 


1 6306 


Malaysian 
tin output up 


ALUMINIUM 


copra (Phil) SWBy 
Soyaboan W M 15x38.3 


Unomolal + or | 
dOMbunJ — 

£ par tanna 


peninsular Malaysian tin COO- 1 3 montti 


Barley Flit. May I£ll4v8e [— ( 
Maize K243.00 +t 

Wheat Put. May plle.8D ~i 

Wo. aHardWlnfcl t 
OTHERS 


BY DAVID OWEN IN CHICAGO 


centrates output 


Official closing {cut}: Cash 882-3 


3,734 tonnes, containing 2,809 j fB9i-2), three months »40 .e-i (secls-i), 
tonnes of metal in January 1 gS wa S? t _”!_ ttSfc-E 1 ” 1 - dMK 


THE Heagan Administration Not surprisingly, output has a range of Industries is 

will shortly submit to Congress been rising — inspite of de- increasing. j, 372 tonnes _ oi mezaiia 

proposed legislation which dining domestic sugar con- From a position of comfort- December vn*, me sransuira 

would transform the US sugar sumption. Last year— one in able profitability, most domestic department snow, neuter 

price support programme and which growing conditions were producers would be pitched into re £? « _. . . , 

probably send the resurgent on the whole favourable — a hopeless struggle against low- Deliveries of concentrates to 


j* } from 3,154 tonnes containing 
1 2,372 tonnes of metal in 


8301. Turnover 23 MB tonnea. 


COPPER 



lug was met by producer May 
price-fix selling which de- 
pressed prices, bolding tfcen _ 
tea narrow range lor tiie rest suo 
of the day. Cocoa futures ««* 
rallied on. short-covering by _ 
speculators anticipating a ^ 
positive result from next sopt 
week's ICCO meeting which , oct 
could lead to a co mmenc e- £*< 
xuent of buying by tile buffer- fJkmy 
stock manager. The grains July 
were easier across the board, 
wtth tight commercial sentag 
and long-liquidation tn the 
absence of fresh new*. uve 

futures steadied, xeflerttag — 
tighter supplies d«w»ito Ama 
slower retail business. Hogs Jm 
and ^porii beffle* undenrert ^ 
minor technical reactions. . . 


ms sae.2 ,. 

SU OMA- _ ' ‘ _ 

ana im.t tan Map 


SUGAR WORLD ~11 - 112^00 Bk 
oants/lb 


-mu*' Inr 
XJ8 *M 
8.4S SJ3 
U7 - JU7 
«J5i aai 


tJ» • ana 
M3 OM 
U7. . M7 


CHICAGO 




i March- April, x ApHt-MBy. y May. 


probably send the resurgent on tbe whole favourable — a hopeless struggle against low- Deliveries of concentrates to 
domestic sugar industry into enough cane and beets were cost, often subsidised, foreign smeltora in January feu 

-I I!_. . . . ... . , . .... * ^ rlmhflTT fn 9fl9K fnniu c Ann. 


UnatWt+or 
dOM — His hf Low 
£ par tone a 


NEW YORK _. **a 

A LUAQNIUM 40J0P lb, oowto/lb ^ iivS 

OmT PrW HJtfL G5f 

Much GBJ 6 eOJO — Aprfl 

May 6B.7S «J» «£■» Juno 

July &tjso Sana 67 jo fiwo ao 


UVE CATTLE *X,Q00 1h. conf/1 

• • . CteM - Aar ■. . Wgh.;_ law : . 

Aba. *us «leb ' tajff. 

Juna SIJ7 60.67 81 AQ fOJtt 

AlWM 8U7 n,0 nLGO^.'Sfito 

Oct 57^5 67 3 t 67JM . SIM 

Dm .8740 57.52 67X0 * 57.47 

FMi 87. IS SUM «J» 57 -IB 

April 58.06 5?J» U45 B7W 


HOGS 30000 tt, MOT : 
CIom Prey ' Msh V- 


4* JT 4U1: .«J0 M.7S 
«L86 • #6-92 47.15 4855 

44412 MM 48.42 40.00 


5850 68.00 5850 68JOO Aogunt . 43L32 43.45 .4355 4350 


sharp decline. raised to produce 6.4m tonnes arm petition. sugntiy to zone Tonnes, wu- 

The controversial move is of sugar, the most since 1978, Nor would the oareage be tainlng ^20. 1 toMe from 2^972 
seen as another attempt by the according to US Department of confined to sugar producers, containing . ZiZaa os mem a 
Administration to rid itself of Agriculture figures. Guaranteed high sugar prices «*mer. I 


«su. sstr ra 


Official closing (am): Cash 897-8 twtad- ovsrtirad raslsanca lovata but 
( 894 . 5 - 5 ), air #« months 883-4 (892.5- failed U break di rough, moorta Oravai 


_ March 5855 5755 — — Oct 

COFFEE SK S£ sa - = - K. 

!lrLs E£ ^ 


38.75 38.67 3050 3850 

3850 38.00 38.00 B 8 JS 

MJO 3856- ■- 3455 --345B. 
3856 38.10 3845 — 


Ammmstrauon to na nseir or Agriculture figures. L,i»rameea tugn sugar prices «««•« 3.5). »ai«n«i,t aw (895). Fbui Karb Bumbani umtom By «riy Wmoos «*web wn awo 

the politically embarrassing Import <juotas have been have ironically provided the 3ne number of Move mines I C | Mo: agj^a che macter had omhm fao from Mon- I mv ««» 322 • mn vm 


-MAIZE SJWO bu mfcL cmta/G6(b- 
1890' OtMlwl - - 


millstone which the present pro- squeezed hard as a result, help- necessary cost margin for pro- "J 0 - cam ' 

gramme has become. tag to push the respective sugar duotkm of another sweetener — prising 31 dredges (same), 141 j 

However, it has already been industries of many staunfeh high fructose corn syrup 9«®P C 122 ) wa j * month* 

given a rough ride on various i*® 1 lmproverished) US allies, (HFCS) — to increase substan- 46 other mines (44). 1 

counts by Congressional Agricul* notably in the Caribbean and Ixally. 

ture Committee members and the Philippines, to the brink of Indeed, it is rising consump- — .■ ■ — - ■ — * 

Is bound to meet further strong collapse — to the intense tion of corn (maize) sweeteners, WEEKLY METALS 

resistance from the powerful embarrassment of the free rather than any souring of 

sugar producers’ lobby once the trade-advocating administration. America’s traditionally sweet . . 

wheels for its submission are set la 2887, authorised shipments tooth, which is primarily „ J ES?® W ,? S suPPHed bv 


+8 I 887 
+ 8.8 — 


Official dewing (am): Cash - 866-7 
[864-5}, throe months 8703 (870-3). 
rocriement 857 (85S). US Producer 
jflcaa 88.50-70 cents a pound. Tots) 
rumaven 30,750 tonnes. 


1888 whieb 

s Sr 

1900 JuJy 


Yesterday + or Bmlneae 
otom — Done 
£ per tonne 


Cfaee ■ .’Ha* High . Low 

vstJt wta mo mo 

TWO TS8.8 T6B.4 1850 

163-4 1820 • iei.fi- mo 

IMA VB6.0 ' 186 A 1440 

1730 . 1740 17*0 - 172.8 

161.4 1814 1814 1804 

mo .mo nu mo 


All prices as supplied bv 


in motion. 

The plan as outlined last ^ hfc? PI ARnrM(Sfi??uropean free 

S? n ^riraltnr? i SCTPta^ lg |«i t tn SWEETENERS (tbs) generally estimated at 12-15C a marke ^ 996 g® 1 ce “^ * p«r Swe'T^nLl^ — msMUn 

redure^SjmMMnSe usid Sugar Corn Other Total pound^dSSng the cost of eb ° USe ’ 2 ’ 3ia ' 2 - 340 x per tonne 

to SlShSta^vSue 1SS0 85.6 402 &9 132^ capital, a substantial reduction w, irnnoan c»m. aoeo.a mju mb 

loans from 1 18c to 12c a pound S'? Ss Jxl JSS ESEK w SZ£L *** P«* tonne lots in warehouse* ***"* M 


responsible for the decline, in J last weeK ‘ J 

sugar demand in recent year. - 


LE^VD 


With HFCS production costs *0? 


unofflalaf HP- or iff: 

clou 1p.m.) — Ktghltaw * tar ‘ 

£ per ton no ^ 


13S8-1BW +S.B 1 1385-135S 


,1410-MW U-iaCH 1448 


1S85-1W8 +1.5 1408-1387 I July 
— 1415-142S +70 1430-1480 I =3= 


with Immediate effect " **** U* 1 S2 - 2 14 - 4 

taitially be }JJt g-J 

compensated for the lower rate 1985 ® 3 - 4 ..J^ 8 

through direct income aids to souru. usda 

SjSrtLffoC - ! 'JJSSK wai be restricted to Just over 


127.6 largely US-based industry. 

142.7 “ If the proposals were to go 


2.15-2.30 (2^0-Z30). 


63.4 65.0 184 146* through as' the Administration - gaST^S ent*! 

stucco: usda luichoc ** ioSTKei, mm. wfjio per cent, 5 


Source: USDA 


Sj-s l? «« “L^gj-s stk *\ssjz ss*z. 

able for us in the light of naanas rnmnwn -sHpIk 


Official cloaing (am): Cash 2&B4-S (110.53) 
[2S7.54.5), throe month* 294-4.5 
2S3.54), ntdMMnt 299 (2904). 

; lnvl Kerb close: 29344. Turnover: r*nr>AA 
1,450 tonnes, US Spot: 2447 cants vUwA 
1 Pound. After , 


OCKEL 


ff juts? wars Er„€E« ssa (»«’■ . 

these Mils, erltiea estimate.. ™ KjJ itMl»r.oJ COBALT: European freemar- 

SSLRASSe'SU KSSSri MlnaSaWW. 

"SSBST’ "Wft st" ^ SJilpSiSmmSi^S 'Err - 51 * 

domestic s£Sr prires to tESpto £ Iw-cost producers Sfi205 afiooisaw 

world market levels to the J®. ^ necessarily pick up (l&s^os). official cia.ing ( .m): c*.h istm 

benefit of consumers and would tll ®^ ack - **&- A . MOLYBDENUM; European ' ' 

dearly obviate the need for im- “swetener prodUOTon for me This means, of course, that free market, drummed molybdic 


port controls. ^♦ t ^ m JS5 0x 3L W attmpt to push toe pro- oxide, $ per M> Mo. in ware- nance. 

Such fundamental changes .4* that potah toe Adnflifls- posals through Congress will house, 3.10-3.15 (3.08-3d2). 
are necessary, Mr Lyng argues, ™®“ argues, domestic pro- also encounter tiie opposition of SELENIUM: European free TIN 
41 to rectify the excesses and duc ® rs WMlo 1 in any case have toe maize producers, who have market, min. 903 per cent, 9 * in 
adversities which have been ea- .. OT * assuming tiie shrewdly backed toe sugar wo* per ib, in warehouse, 4.05430 

courage d by the existing legis- tiechne in sugar consumption gramme in its current form (4.00430). “ J T 

lation." continues, because there would since 1981. TUNGSTEN OR E: European 9M ' 

With the nomin a l market longer^ be any imports to All things considered, at is free market, standard min. <5 ZINC 
stabilisation price (calculated as take up the slack. highly questionable whether per cent, 9 per tonne unit WO, ■ — 

the loan rate plus accrued Tb® trouble with toe toe Reagan Administration in c if, 4548 (4 2.48). 
interest, transportation and support level reductions cur* its present state of disarray will . VANADIUM; European free 

handling costs and an incentive rently proposed from the potitt enjoy any more success in market, min. 98 per cent V 0, 

fketor) pitched at 21.78 cents a cal viewpoint is that they coaxing Congress to back its other sources, 8 per lb V 0, cif, 

Ib— nearly three times current promise to transport toe forthcoming proposals than it 2.48-2.55 (2.48-233). m 

world market levels— sugar is domestic todusfey from riches has in past efforts to curry URANIUM: Nuexco exchange 


Official doling (an): Caoh 2J37S-8 
(2.378-86), throa montha 2.390-1 (2.388. 

90 ). ooWmimm 2.37B ( 2 MB). Final j u ,J 
Korb cIom: 2J804I5, Tumovon 1,758 s®pL». 
wnn««. £tac.~ 


day’s dona but with a disappointing J2? HR JW*h IW2 KTA 1580 15M 

Now Vortt opening and London falling 122 — m ISS? ***1 Ts ®‘® 18fi.fi tK4 

to bmlc NdatinM hweU. prloM 2 *» Wtt »■ 168-4 WS . W\.*T ISM 

slowly started to erode, closing around Waroh 20M 2W9 . Sapt WU MO SKA WJ> 

uhchwigad on the day. May 2 X 2 2039 ^ VIA . mA 174 A V 2 .S 

COffEE **C ** af7j00 W>, certm/tb **»* 1814 1814 2*4 «B4 

Yesterday + or MmsB does Mv Wglr Low ^ ~ ■■ — 

COFFEE otaee — Dona March WM KSJ38 W7.7B 10B.60 POWK ffiaXOES 38.000 Ib- cetrta/TO 

fi per tonne May 10B.47 WJIO 1C8J0 WW dose Prow Mgh tow 

— : ( -— jn)y 11025 moo 11072 WHO Mandi ffiJS ‘ K0 6H"9® ' 88.88 

Mar. laso-rao L-B.5 13SO-USa Sept 11*40 1)13 1W45 May BBJ2 6SJ» MJO 04.7S 

MOV 1320-1518 +3.0 1340-X31G Dee 114.13 IlftTO 11&00 113.10 J^y 03L22 0030 8448 83.15 

duly. — 1538-1E40 +S.S 1387-1536 March 11833 115-40 T18JW 11530 Anguat 8036 tl.BS 01.00 00.75 

gw*. J5®»:?“S + ?-5 uv iiaos iism . — . - es.oo wJr? asm km 

Nov.^..— .— 1S85-1380 + 1.5 1406-1387 July 11834 IWJB . — — 1 Meroh « *> u ^ 

MarUZZII 1410-14M + 1CL0 144a" 14 *^ COPPCB 25JHP ft. fib/ft GOVABEANS 6.000 bu arin. Conts/fiOlb- 

' ■ - ■ — — — « — — close Pmr High Law *»»»«» 

Sa lea: 4547 (3,596) lota oi 6 tonnes. March 6338 fiZJM 03^0 82.76 « p-. i M . 

K» Indicator priees (US centa per May 8340 UN fiS.fiS 82-70 Maids 487.0 «0-4 4H3 4874 

pound tar Match 9: Comp, dally 1979 July 0335 8230 833S 82.70 »«_ y 4883 4813 4814 NU 

IM (MQ-. IHV IWNI «M £rot 83.80 03.15 KM MM ^ - Sfi3 , S5 S»4 SK 

(110.53). Doc 64.10 S3.K 84.00 83. K Aupust 453.8 4684 407.0 4534 

March M4K 64to -- fiopt 4753 , 4793 478.0 4753 

M *y 553S 0 MO. 1630 5430 Noy ■ 475.0 4704 4753 , 4734 

COCOA — — Jan . 480.8 4534 4524 4603 

UULAJH Sapt BSJS 5B30 — — Man* 488.0 4B03 4M3 ; 48731 

Attar opening « tittle aaator. as doa. COTTON 60300 B>, oants/b U* QLi 4 8 44 — — 

fptums gained ground and dosed at Mr ' Kota low SOYABEAN MEAL 100 tons. 8/tan ■ 

the blahs. PbysiOBl &ct&vhy wifl Nitric- ■ >■< *++, . ■ m a* - do m/y 1 * ft*» "l.*. *1 ~ * **— ~ ,»r . ~ *5 

tad la light eontumar buying «rl pio- KlS BM toM m Vi MirV S - 

S 52 L , !S l S , iSKlr l S S £2 «3 “ s te ffi- m eu 'w} 

ropom Gill and Pelhro. Deo MM «. 10 «.* ^ W-T* «83 

iYastanrty.,1 “«»» «•«* t/tM August 1S83 XS 8 S ttfi.7 TM3 

cIom f- or Business JJ ** ' H2*J 3 ? ’1 ? 

— — — done July P-t»u sa-at •— -*■ oet • ■ ■ 1363 . 13W . m3. . 1M3.^ 

B per tome GOLD K» euy <*. S/troy « Dee 138.1. OM «03 T36.S 

1 1 1 * — ■ ■■ ■ ~ * y," " "'iBiiti* , "ion 138.7 1383 1353 1374 

Ukmh 29SS.198S 4.10 SflOlHSI HON PTOV HflO . >OW UmJ, fnf «7.T CRTS ttfl A . 


A78 Msy 4583- .4513 4914 4fiB3 

S-« M36 Jtjfy 4583 . 4893 4883 45 BjO 

•830 63.86 AlWUSt 463.8 4M4 407 0 45X4 

_rr . ~ «*pt 4753 , 4793 - 476.8 4753 

*30 5430 Nw 475.0 4763 4753 , 4734 

— — Jan 450.8 4534 4824 4603 

— ~ Mated 4663 4M3 4M3 4873: 


futures gained ground and. dosed at 

.the highs. Physical activity mss metric- . „ 
tad to light consumer buying ol pro- 7*1 
ducts, producers remain ad withdrawn, ~!rJ 


■AN NIEAL 100 tMA, 4/twt ■ 

-CMea ' ^ jFtsv' Mgft "E5* 


iiiiuiLj r * potw ® u ,nl1 ^ aRui> - 


r«sterdny*a 

does 


1373,- m, 1353 .1373 
mt 138-7 136.9 1384 

-083 1383 136.7. TM-0 

1353 138.1 TM .7 1383 

1363 ■ mi 1083. . m3.' 
138.1. 13S3 736-5 1S6.S 

W8.7 1383 ' 1883 1373 

137J 137.7 073 tM3 


1380-1389 + 3,0 .Wffit I Onoe 

I la 16-13 IB +3.8 1818- !HJ7 1 March 4083 


1348-1349 +43 13474817 
136B-1B6B 1+2.0 18714882 


SS -S5 ££ 4^ j 

4083 406.6 4083 408-5 SOYABEAN OIL 60,000 Ib, etntS/Ib 


13911892 

1418-1418 


ISK-1W7 Jim 


4104 408.8 — - . 


*!?■? fH-f March IS-W 1638 


— j Ijti-IJIB I August *163 4143 4t74 4143 May 


1438-1436 f— 13 J M3 S-WI I Oct 


„ IIJI . , .. J . „ Soioa: 1,336 (3362) lots Of 10 u,- 4253 427.1 4283 4273 

KUALA LUMPUR TIN MARKET— CIom: tones*. — 222 — . . ^ “ 

1.96 (16.99) ringgit par kg. Un- ICCO Indicstar prices (SDB's per HATUMUM 80 troy pi, 8/trey ox 
langod. tonne). Daily price (or March 10: Close Prow Mfih 

||U/< 1.507to (130444): 10-day average for Man* SXU BS83 _. — 

I *VV March If; 1,577.58 (137230). April 832-3 6303 638.0 


18.99 (16.99) ringgit per kg. 
changed. 


F norndal +or 

o^(P-nO B -. HighiLow POTATOES 


- Morning M. «h™.d hw- 5® 

?.* fiSjaaSE.'VSU'BiS'aE H. ( rn.n_.lh«lmll»* *10 SW 


but IM6M>||Uig °n April IM » stop- I cotm ^ 


Official doaino laort- Caah 45443 to ” hal "B hit- Bujring support 

Offlcitr Closing (am), .cm 484-43 W( faund w ^ thin and values fell 


5!r2 222^ S* too# .un wjb ig.as 

4213 4183 ,421,7 4W4 jy|y> 1639 1638 1638 1635’’ 

Si S5 August 1843 1688 18.86 1K43 

4293 427.1 4283 4273 3^ 1e ^, .15.78 16.75 15J68 

M 90 trar az, S/troy « P«* f8M 1685 1*30 1*35 

|*a-,‘, m PTMtr IflfJa IniU !WaW> 18H7 16JB 10.79 

a«4 B43 — ^ W-7S 18-» 1736 1835 

832.3 630.2 636.0 6269 6000 bo ndn, eooro/60 lb-bushel . 

6373 6343 6253 632.© WHEAT 

£!s Sf IS? SSf — 355! PTOw . Wgh Low. 

880.8 6483 6563 5483 March 2964 2983 .. 2883 2844 

PHI CCS— Chicago loose lard May 2874 2884 290.0 2884 

na) cants par pound. Hardy July 2844 2063 * 2573' 2833 

an Silver bullTm S643 (5BS3) Sept 203 282.6 2844 - 2*24 

troy ounce. Deo 2694 280.0 2713 2814 


one of very few crops which it to rags and obsolescence, when favour for phasing out sugar value, j per Ib, U O, 16.73 | llm 0 (4 r™i »harpiy wi April, with May loiiwmno 


pays US farmers to produce. the protectionist clamour across supports. 


(16.65). 


Peter Blackburn on Ghana’s production revival 

Cocoa’s sleeping giant wakes up its ideas 


Mg' ?S£ » ■ iml^d ’ESulm dwr dooeApfii _ _ 

5£L —5- J£SSSJ n »iS tookc ' 1 wmK - with . iobbe ^ BCrambllng freight FUTURES 

tonnaa. US Prime Waste m. 373-44 1or eomrt yyhilo May •till appeared to r r * fc, ' an 1 r w 1 wnM 

cants a pound. hold some of th» undariylng support. _ u . . 

ntport. Colay and Harper. 


GOLD 


AFTER MANY years of gloom tag toe industry round, 
a brighter mood is perceptible Mr Owusa says that several 
at toe Ghana Coooa Board’s important reforms helped in the 
imposing headquarters in Accra Improvement: 
as the recovery in production . 


Gold rose Sib an mines from Mon- e52K!-! — s!IK — — !■■ '*=! 

day's close in the London bullion X per tonne 

marts* yesterday to finish at S40SY- Apr 110830. 17130 lITLfifi-IHLfifi 

106V. The matti opened at 9404V40W. May WO.BO 184.30 TVM8-TM70 

and traded between e high at S408-40ff>i Mow. ! “3.10 1 0830 

I and a low of $404-404>». DeepHs th« P«*»- * no "* 

riaa. than were still signs chat wist* 

St ’Iff.'tff JTJTJSS S,1M! 1,63 («> '«• « « — 


^ »s«ss* , is:»srf l Ji jss 

iY«a tertSmsfel Previous UUtebtem ondartying firmness in physicals gave 
Month I close 1 close done fi««l auppon at lower levels and lata 
B ~ -7- 7; ~ •~ J " ahwTWroring helped a partial re- 




covary, reports Clarkson Wolff. 


108.40 100.80 10698-103.60 
18630 188.00 12848-12740 


i Close 1 Highftjow | Prev. 


Dry Cargo 


of the country’s main export 
earner continues. 


• Producer prices have in- 
creased seven-told since 1982 


WORLD 

TOTAL 


BOLD BULLION (fine ounce) Mar. ID 


nnhwrt hi* and at the same time Inflation 

fa£S?188M4to;* U9JM0 


tonnes to reach 230,000 tonnes 
in 1985-86, according to GiU & 


Ghanaian farmers still receive 
only 47 per cent of toe world 


DuffnsTthe Londonbroker. And 'ZEEi 

Mr Kwame Ntai Owusu, the rtL 


C6coo BSSri DW *bd£ TmS ^ to raise this to 60 per 


tive, is confident that “ within ^ , du ® 

five years" the figure will be iSrSSSi ?5 2? end of 


formulation plant is beinjs* 

. 7? j / owT. Zr I to oo uni to dido it bitoti wiw minvi 

privatised and West Germany’s J tack ot impetus. 

Bayer company may take over* 
control. 

Meanwhile talks have been H06iii4Wii icsoe-afiaia) 

held with potential West o£*nna- jraoBis-aaisj* 

German and Dutch partners am {-£££-5° ffiS! 

for a joint venture to rehablli- aivn n fix 6405.6o t£25B - BS0> 

tate the West Afttam Mills ooui amj kattkum coraT“ 

cocoa processing plant at ■ ■ ■ — ■ ■ ■ ■ 

Takoradi. The Board will 

retain control of its two other Krrrndl 

plants. is Krug — 8S103*-211St (£135-ISaJ«) 


Sales: 2-163 (656) lots Of 40 ton Ms. 

SUGAR 


(£865399) 


Rapons that lm tonnaa of SC 
Whltu would ba placad Into Intarvnn- 
tion sthnulaMd koan - ahort-covaring 
which iiftod prions, roporu C. Cnrni- 
fiow. 


GOLD AID PLATUAJ91 COWS 


No. 6 ' 

rotard'ya 

Prwrious 

i 

1 

Con- 

tract 

OlOM 

otoa* 

dona 


April 099 0181890 918(918 

July 780(788 790(770 799fBO0 

Oot- 04SIS4O 68631840 efiOfSTO 

don. asa — 666*876 

Apr. 880rB86 — 3401860 

July 780/760 — 7SO/76C 

Oot 830/840 — 830 

Jan, 900 — 900 

BF1. 8713 — 8883 


CRUDE Oft— FOB (f par bamoO— April 

Arab Ugbt — 

Aiab KmvJ»m.- — — ' 

-10.75-lB.re -0.088 

Brwit MandUMj. — 17.TO.1730 +0.076 

W.TJ. (1pm 0*0 ia.lb-lB.20 —0378 

Foroaecioa (Nigeria) — ' — . 

Urals loll NWEt ' — • — 


PRODUCTS— North Wort Europo . 
Prompt danvory cJT (8 par tonno) . 
Promium gaaollna— t 188-1871 +s •" 

OMOff...--..-. 1 146-148 +1 

Ham f ual Oil. 98-97 +03 

Mtplltfia .—.J X 64-160 - f S3 


Turnover: 462 (435). 


naphtha X64-ie 

Pfimrioom Aigua ostlmatM. 


• Transporting of cocoa has (^eiSifnV) 

been reorganised so that uis Angoi (CS&obui gat- 

private road hauliers now carry SuTsoT" SaT^M 151 $$£*£$ 

about 85 per cent from the rora) j sa ekqs® ssoo-obo fCSituq-ZAT) 5®^"' 

depots to the ports while another Nobic piat #B4ii*-547i« i£S4isJ^464) 

25 per cent is taken by raiL ” ' " " l,, ‘ ri " ‘ s *'* 

The Board itself moves all, ||Xfe> _ 
cocoa from the farms to the 1 SlL.VtK c2-(») 


3 Par tonna 
^TTi iRT+ffiOi 1K4 


ifisa-’Uia 


GRAINS 


Aug_--J mO-lM.2) 1M4-1M.S| in4-in.fi . 


188.8-1883 IflfiJMfifi. 
19)31914) 1993190. 
1M.fi-18B.0j 1913181 
19931973 1313194. 
189.42M.ffi 19831 


mims 


dou I — 


LONDON DAILY PfiiCE— Raw sugar Mar 
5199.60 (El 20.00), down S4JB0 (down May 
£2-00) fe tonna (or March -April del Ivory. July 


covery programme. 
“With the dedii 


depots, however. The rural ( suvar was fisod 04 p sn ounca hromr WW“ ;w, r ffSSSSLfSLSSS; 


Tata and Lyla dollvaiy prica far grana- KJJ* 


trada are usually in very poor (or .pot dWM » m Mm mhm ^Wooieas-oo) 

condition and private trans- 1 maric * t at_3«4Sp. us cent JSL- l J 


porters arenot interested, Mr j apot asz.se. down 2.Be: throa-montb 


a tonna for export. 
Intamattafial Saga 


3 per tonna 
118.90 
118.85 
190.98 
99.50 
101,76 
104.00 
100.70 


£ par tonna 
iffi 31536 
11438 


backtothe April ^ toere is strong pres- ™ 

K^gSntimy StthgoT sure that the increase should soJcJai.^i HS^^JSSJEL^SSS 

TmimvmZotrt ii at least the official ftrtfu* about 85 per cent from toe roral 

to^^T^S, wffdi^Sta Lffiation rate of 23 per c 2 l 0-5 1 HTH If ^fwhile another 

some 60 iS^Snt of the m » J*®;*-* V™*** ^ Kie^^oSS JUfm. *Sr 

try's export earnings, is a vital with plans to put cocoa export H m ^ iSS*. “fTSf 

pit of GUmrSoomk S earnings through toe “second WUHKmm ^ 4 tte fai Bf to 

Svery proSammt window" exchange rate of 152 £ep^ however. The rural 

“With the decline in world » toe dollar instead of toe M>«a JJTPJJT 

prices we must also produce P“f. ^ window "rate of _ ■aofi condition and pmate trims- 

more merely to maintain rom 90 increase in pro- porters are not interested, Mr 

ducer Prices wfll be imbstaiit£ « Cocoa farmers now have Owosu points out CSMr^C’iSSRiW 

Brt increased output does not *^1 higher. more to spent} their earnings Since January 1987 the !»*» ?J» iiMT! iM*r owraga 731 

mean any drop in Quality, he Even with the present price un- The Board has introduced Government has taken over the <553.555^ an( i dond at 3433&ip rt-Srt- o* 1 'q q .onna^^teirev 

stresses^ P qUmrey * Be I*™* about 30,000 hectares of a .farmers welfare package deal maintenanre _of rural tarts (BS3- ^%KSJTSL 

Even after the recovery of ^ whereby toe empty returning 1 " "T _ i ~ 1 tw iwna, msm 4 TCl May emndea. Seien 33 ima of 100 

toe last few years Ghana's P«tra in 198&S7, according to cocoa lorries are fined with concentrate more fouy on cocoa MLVE b 1 Bunion 1+ ori umje. 1+ or ure-ure. tomem. 

cocoa output is still only about !? ^wusu. “We cant cope with basic consumer items for sale ® c Sy i ^ e ®* . 

half the size of the average J£ e demand tor pods and seed- at cost price. _ Th** ports of Takoradi and 

II Tina « tin «— c._ icamu. n« -f V. . . - Tama era hnlns MbaKilitatari 


In * aluggloh imrkM Brant traded 
between 91 730 and ST7.» for April 
•nd 10 b lower far May. . Afwmoon 
tradM ware at tha lower and of tha 
ranga.. April WTJ opened Be up -00 
Mynwcond traded 12a ud n 140pm 


or 1 * ttsr moraine trade with In s 


— 206 j""**- Ui* po&oiauni produda , 

market gee oil firmed oe goad buying 

interest Into Was* Germany. Fuo< 0 {| 

1 *** *■ u vfot. Gosonno evgooa wore 

04# 2»«« nrrrwr on bsrga doffis. Naphtha 


Agraamant — (US 


sssjn Ss*tssvst 


GAS OIL FUTURES 


PAflJS — (Ffr per tonna): M 
13S6, Aug 1376-1380, Oct 1 


1383- of 100 tonnaa. *er*r. March JT33B- 
,1403. 349. Nov 10136-080, Jan 10330-3.15. 


| v *ss£T^(nsr* 


,#V 

■ W.r 

-v‘ .■ . 

iky- 

IfT/.l . 
\'0-: 

I 

m 

*r. 

■M 

i ^ V v 

! As* 

I 


kr 

m 

fe’X-,, 
f *ffer 

5^“ 


% ft 

jsff-- IJ. 


ttw-.-t 

«-• : 
ta'a- r- 

S2t»- 
ta»-- 
fct*. 
h&i. 
aiJ~: - 




«o«- 


^r 4 ^- - 


Sdg 






SS 


The ports of Takoradi and 


crop of the 1960s when Ghana te J***- Sot “« lM.000 The Board has also improved T ema J*** 0 *. rehabilitated 34a. 

was toe world's main producer, hectares of cocoa plantations the supply of subsidised farm 1° en ®* Ie to handle the a reontna .sB7.*yg 

Its production peak of55J\000 S*S!^J >7 J2S..55 BS J?* 1 2? 3 ^ put ? ««* « taXSSdes and l5SS?5!,I? l S?L5-S OCM fj'SS'.feStg 

tonnes was reached In 196445. have been replanted, and the spraying mawiiinoe Thev are r 1 ”® 1 being exported. , 

During toe 1970s cocoaout- country's total won plantation supplied on credit with repay- • Inaeased . aapphes of 

put dStinSd steadily as a ri “ »»» estimated at lm ment at harvSfSmr S^SSSJFi SS ^ » 

suit of toe erosion of real nre- hectares. m . . has helped to reduce cocoa karb 357,9- 

ducer prices combined with • The Board is doubling, to 28, tatrSueed ^^streamtine S^^toaboS^sS^t^S 

to fleet of mobtiebanto. making tapro^toe BoS^SaSe^ to M?oS^ RUBBER 

artSMjiS'wias sarsMatass ss sss^jss^si * 


SILVER Bullion J+ or) UMJB. 
troyor j lUiSSkrt 


UMJB. J+or 1483-1496. 

. P-m- „ I “ 


Doc *1415-1436, Marti 146M47U. May vmradotf. Salas: 33 Iota of 100 

uffi.uK. wnnaa. 


.3483BP 

867.76p 


SOYABEAN MEAL NpiSSm* 1 Spring'lte TH*!? par oZoe aJ 5“ rS?S lo* 

wiMDtnn wik^vw Aprfl/Mey mja, jum 9730 . us n «2 i«-Sg I?- 

Pricaa moved higher on option Soft Rod Winter. July 89.60. franc* Juno 144JIO t, 

bodge buying In thin condWona wt* 11^-12 per cants Mart* 1424S. English July- 146.00 Zij 

only Ugh* acalo-np prolaiakmal aoll- lied, fob: April/Juna i 2 IJ 68 - 121 . 7 Bpetd 1 

Ing, reports Mulrpaoa. East Cout March 119 jOO -1 19.60 


148,764440 

>80464446 

149.S64S4B 

(47394449 


# • 

^ & , 


Ing. reporu Mulrpaca. 


L84B— -Turnover: 1 (0) (ota of 10300 


consumer goods in rural areas | mgM mofll M 6fBh/low ^ Cflat 


PHYSICALS — The London market ^Sofif™ 110311T4 tol-S 

opoovd a readier, mat reaitfinea fit tha Dan—. 1)131784 — 

higher tevol* and doofid gulat and un- fob 1144-11B4 +0.7H — 

certain, roporu lawis and _F bbi. _C laslng April 1I84-J1I4 +0.BB} — _ 

prices (buyare): Spot 60-BOp ( 6 O.OO 0 ): ~ c - ‘~ -J-—.. — — 


partly toe result of drought and payment by cheque four years are due to be SSTott l ^°'toe remote 67 bordCT°°regi oas ^often J Sly* si jsTT&.^&T. *i3SSfiTi252f 128 (95)- iota oi ao *om«a. 


buyw/MiWr; l/tay/Juna tt J“2« w,r '*3ei (6,263) 1 mi of WO- 
nioae — dona- 12230 buyer. Sept .lOiJBo oeUer : Oet/ tonn * 11 - - - 

— r — - — Dec KH. 00-1 06 .00 buy«r/«allar. Mates: 

yg. Wg _? Y ehow/Pmnch tranahfpmeni 

« 5!',^ » -un teat Coast: March 14830. Bartays ■ 

Sa , %fS’ff'SaS HEAVY FUEL <»«- 

^jiisiia las = 

April- 1I64-J1I4 +0.H - Moroh 10740 boyera Ertllrt/Scorto).. — J bam 


A 

partoftM 

nS4-U4.fi 


10000. ■ 
SO, Jan f . liontri 


Itri 


SfdoSMS ?**** s sf 3S ss j? as »» —a * ^ I a sr? .ww un jute 


old chit payment system had Owusu said. 


Since then g World Bank been much abased bv UTU ThaH h. r -»U M , 190 -° ( 189 -°j- JUTt— Mitch/ April, c and f Dimda«: for tha male beginning Mofldiy March 

fmonsored rohJhmtotinl* JSt has Bold S2 plants- than take the long and purunES-indw 689. April 689349. BTC *445. BWC S44a BTD S36E, BWD IS (bated on HGCA calculation, trains 

SS^?iiaa J? 008 Board P UIW w hile retaining 40 to be arduous route down to the Apm/Jme uis-BSb Juiy/Sapi suwsa. S3Sft C and t Antwerp: arc $406. Bve <J*y*‘ aachanw rates} b expected 


Sales: T2B (95) Iota ol 20 tonnaa. ” CCA <»**■«« *PM 

price*- Food borisy; S East 116.40, . *wini 

UTE s Wmn 11*^ y Mldb 113-10, K Wart 

w 11130. the UK moctwry eeaffictent 5““— SjS 

JUTE— March/ April, c and f D undos: for tha wmaic beginning Mondiy March SST"* riooS 
it - fuc bum* aeon orn tw aum m UflM nMui... Miu hk ' , -“ 


94.oo-Bajso 

83_00'90JKT 


gramme has succeeded in turn- charing clerks. 


used as model farms. 


Salas: Nil. 


BWC $400, BWD sm BTD $348. 


u ebanga 10 1267. 


Turaovars 17 (17) tots of 100 towraa. 


*A 








• • » 








'S'— » v ~ . j_ - '. . _■ \ 






Financial Times Wednesday March 11 1987 


CURRENCIES. MONEY & CAPITAL MARKETS 


RPGN EXCHANGES 


FINANCIAL FUTURES 


•.c?3:.ivd 

m Li] to 

- a.* 


iged 


-:3m 


Pound steady at lower level Gilts recover 

STERLING *' 


EUROPEAN OPTIONS EXCHANGE 


changed lnciade prodncer prices, retail 

“d industrial production, 
brief aaempttoralhfd^!S’«. A W hi j e u nlikely to overcome the 
nuirnina — » w ^ ntTkefi c u rrent Inertia, the 


pared with DU L8515 on Monday. 
However It waa below Its bat 
level and fell away during the 
aftemon as persistent profit tak- 


mn ruing met nnh, .732”? “*“**« current inertia, the aftemon as persistent profit tak- 

ces? alter figures may provide a better clue *ag effectively ruled out any real 

in. nx on the overall performance of the attempt to push the US unit out- 


on the overall performance of the 
US economy. 

The dollar closed at DU L8555, 


in TO ctea r inu a »CLfri^. DO * Bt . cut **“ the overall performance of the attempt to push the US unit out- 


r* 

X 




L- 

re 





the^ Conservative Party a clear 

On Bank of England figures, the 


opening at 72J, having touched 


closed, at 72.4. Against the dollar it 

L5045 teom S 1 * 5880 Ud 
DM 2J400 compared with 
DM2.9450. It was SSrUataJfo 
the yen at Y24330 from 
Elsewhere it fell to 
SF* 2.4750 from SFr 2.4850 and 
FFr9.7850 from FFra8Q25. 

The dollar finished little 
changed on the day after showing 
a slightly firmer tendency over- 
night Trading remained dull and 
featureless with the fear of cen- 
tral bank intervention limiting 
any thoughts of pushing the dollar 
weaker while persistent selling 
greeted any attempt to push the 
US unit firmer. Economic statis- 
tics due for release this week 


against six mon t hs ago. ine aouars narrow trading range 

There was no Intervention by was governed on the downside by 
the Bundesbank at yesterday's fix- fears of central bank intervention 
ing In Frankfort when the dollar while persistent selling accompa- 


the dollar’s narrow trading range 


LONG TERM gilt fixtures reco- 
vered strongly on the London 
International Financial Futures 
Exchange yesterday. The contract 
again traded actively at over 
30,000 lots. June delivery long gilt 
futures opened firm at 121-08, and 
dealers said the market’s tone was 
set early on, when it became clear 
that oversea* investors were keen 
to support prices at the present 
leveL 

There waa strong demand from 
Japanese Investment bouses, for- 
cing any holders of short position 
overnight to cover. In the present 
circumstances traders can see few 
downside worries for long gilt 
fixtures, and continue to look for 


lower Loudon interest rates. 

The only background fear is that 
next week’s Budget might disap- 
point, by giving away too much in 
terms of lower taxation and not 
reducing the public sector 
borrowing requirement, and thus 
not giving the expected room for 
another cut in clearing bank base 
rates. 

In the present circumstances 
dealers are hardly considering 
this as a possibility however, and 
with sterling fw^iptainfog a firm 
undertone in spite of this week’s 
cut in base rates, the main ques- 
tion in the market yesterday was 
whether the Budget would bring 
another reduction of V& per cent in 


base rates or allow a fell of X per 
cent to 9 Vi per cent. 

A gainst Oil* background and 
strong overseas support Jane long 
gilts rose to a peak of 122-24, and. 
closed at 122 - 22 , compared with 
321-00 on Monday. ‘ 

Three-month sterling deposit 
futures recovered from a weaker 
opening of 9035 for June delivery. 
The contract shrugged off a 
slightly weaker early rate for ster- 
ling and also responded to the 
firm undertone for the currency 
during the rest of the day, rising to 
close at the day’s high of 90.67, 
compared with 9037 previously. 





— 


^re 

5 

820 

6 

9 JO 

23 

630 

20 

B 

9 

450 

3 

6 

34 

3 

— 

— 


EMS EUROPEAN CURRENCY UNIT RATES 


BetgUnFraee _ 
DaobfiKrare — . 
German D-Maric . 
French Frw* _ 
Dutch Gnf Her _ 
Irish Pun - . 
Intel Lira 


42/4582 

T8S71Z 

2 J5S33 

6.40403 

231943 

0.768411 

148&5B 


against Ecu 
Marctl 10 
4X0205 
7-808Z7 
2.07765 
6.91339 
234662 
0.776756 
147636 


central I adjosted far 


Ihwfc % 
X 13344 
± 16404 
±10981 
X 13674 
X 1.5012 
X L66B4 
I 4.0752 




i* 





«- -V- 


UFFE VS OPTIONS 
£23406 (casts per a) 



Forward premium sad ObcouMS apply to the 
U3. dpSar, 



Dunnes are tor Eat, th e retow postth* change denotes a weak a arrency . 
Adkatment catenated by Financial Ttaw- 


POUND SPOT— FORWARD AGAINST TTC POUND 


13800-13860 
2J138-2J184 
331-333X* 

yiHU.1 na 

UiSUt-U-lOh 
L0960-ZJ060 
2.9X2.95 
224.77-225.92 
20360-20636 
2082-20955* 2087V2088»j 
1TO4VUJ0V lUBh-1136^ 
9.75h-9SP* 9JM.79 

1O236-1038W 102X1026 

242V244 243-244 

204M&72 2032-2039 

ZAVtW* 2.47-2.48 



BASE LENDING RATES 




ABM Bank 11 

UPi 

Aried Arab Bk ltd 10> 2 

AtMOetarkCo Vh 


Beblaa rate bhrcwwBtle Irena, nawcttl twnc 61 0 5 61. 1 5. S to waaihtoriMwddBOar 230235 cpw 
12-aontb 436-4.48 c pm. 


DOLLAR SPOT— FORWARD AGAINST THE DOLLAR 


AUfcdlriftBrt 10>] 

Andrian bp. Bk 10% 

I— MM — - Wj 

ttenyAnriacker 11 

ANZ Baaking Gram U 
tenders Cap Cofp-w_ U 
AtdfeviQf&CoUd 11 



03398 03406 03385 03375 
03432 03441 03419 03408 
03465 03465 03447 03436 


03. TKASWY BILLS (MM) 

Sim nntnta at mq% 

Latest HWi Lm Pm. 
Mar. 9435 9438 9434 9437 

Jure 94.41 94.43 9440 9442 

Sept. 94.44 94.44 9443 9444 

Dec. 9438 9438 9438 9438 


Badt Hapoakn— 
BMkLeeid(UK). 
Bank CmBt& Con 

Bank of Cyprus 

Baakofkttad 


06413 03424 0339b 03373 
03447 03460 03432 03408 
03475 03495 0347S 03449 


289-75 28930 28740 28840 
29130 29130 26900 29005 
292.70 292.70 29070 29150 
293.90 293.90 29200 292.70 


BaokoiScathod Vh 

BanpeBdgeLJd IB* 

BardqsBnk 1D>] 

BmtaKfcThUri U 

BentfcUTraaLtd— 12 

Bettor Bark AG IIP] 

BriL Bk. of Hid. East— UP 2 

oBnweSMpiqi 11 

CL Be* Mated — Vh 

rill III rrmnan UP] 

Caper LOU 10b 

■ Ou tetaseBadt— UP] 


% 

OtitadcHA 10b 

Cttnb Serins *12.45 

Cry UeiUatts Bank— IIP] 

Clydesdale Bad UP] 

Cram. Bk.N. East UP* 

CcreofttodCnd U 

Co-opratae Baric HP* 

Cffres Popular Bk— Ub 
Pwtanlaarie 11 

LT.TresI 12 

Ewan* 1 ! TaCpph 11 

Excttr Trust Lid 11 

Ftaraol&Gen.Sa — Iff] 

FffitNaLFhCorp 111* 

Fust NaL Sec. Ud life 

e RoteflFlertegtC»_ UP] 
Robert Fraser SPtn_ life 

GrMqsBto fil 

a Galores Baton UP] 

HFCTnaGSaregs— U 

• HandaeBtek UP] 

HertaMeAGen.Tst- UP] 

• KTOSaouri fU 

LHoare&Co Iff] 

Mungkoag & Sfcwflb' UP] 

UojtfcBnk 10fe 

IfasrWedpacUd. — II 

MrgteajSSansLid UP] 

ilMtod Baric UP] 

• ItogwGnsM UP] 


MnCitACapiUd— UP] 

Nat Bd nf Kuwait UP] 

MariHBt Ganharic 11 

HnWeshnoter UP] 

NonkereBadiLld U 

fkrwkh Sen. Trust U 

PK Frets. hd(IHa_ Uh 
PrmtadalTraaUd— 12 

R.toto)l5an 10>] 

Roibergbe G'rutee 1U] 

Royal Bk of Sattanf UP] 

AoyafTradBM* U 

Standard Ctotered— 11 

Tnstee Springs Bek U 

UDT Mortgage Eap._ U225 
UdudBkdKiMnt— . UP] 

IMtedMinaMBank UP i 

Weapac B’tktag top Tffz 
WtoareyUidhn— . U 


■ MendKts of (he tanking 
Homs Cenaktee. *7^hy 
deposits 61B%. 1-moott 638%. 
Top Her— £2300+ at 3 monto 
notice 1033V At caB men 
£10^00+ remains depos ited . 
tCall deports EljOOO and nrer 
6V% puss, f Mortgage base rate, 
f Demand deposit 639%. 
Mortgage 12is%- 


CSaje High Lm Pm 
19930 19920 19720 19630 
..20250. 20230. 20130 20030 
f Htome 836 O2S0) 
dq^s ope* 1st ^646 0365) 




Mar. 10 

If 

TOWS’ 

Mfln 

to 

Mart 

II 

Sh 

Marts 

to 

Year 


lli-lia lOd-lOA 


aGsOder 1 9*6^ 

Sw.Freoc 1 

Deotorewh- 3«-3a 



Fr. Franc — 7Vhi 

, ItaOanUre MO 

i BFy.fFhJ — 7l]-7k 7h-7k W| 

B-Fr.lCmU— 7V7t, 7W 

Vrt M>| 4*r4W 4JJ4H 

O- Krene lUrUh UVUH Uto-llh 

tolreSfSldaJ x-ly MfA Wjt 

Morgan Guaranty changes: average 19B0- - fnrinn -„- » 

•82*100. 6»k at England hatat tBase reerare UnfrWrm Eimdom^Tmi ^bAr^ peroto, M 

175^100. per cent; Bye yeara7V 71* per cept nornhaLSnort-teim 

Vug others, tire days' isicJce. 





1482-100. Brek ot England hotat tBase reerare 
1975-1001. 


9V10** 

7%-A 7V7t» 7^-7> 

7V71, 7V7k 7V7\ 

4*-^ «jJ-4V «-«. 

UV-UV lUrUH UVUh 

3A-3& 3A-3A 3W 

rce yews 7-74* por ooC tore yepre 7V7H 
rates are caHtor US Detan and Japanese 


OTHER CURRENCIES 



EXCHANGE CROSS RATES 

M». JO £ > ' DM YEW FFr. Sfo H ft Lire C3 

£ X. 1565 2.940 2435 9.785 2475 3525 2088. 2016 6035 

I 06311 1356 1533 6575 1563 2399 1318. 1333 3840 

OH 03«0 0539 1. "?» 3328 0342 1031 7)02 0720 2030 

YEN 4J07 6507 1237 1000. 4018 1016 1336 B575. 8366. 249.9 

e pm I'ereT T6M 3JD5 248.9 10 2529 3398 2134. 2362 6839 

S Fr 0404 0640 133B I5 b 3.954 1. 1343 8433 0355 2659 

h FI 0301 0477 0364 7333 2.943 0J44 L 6280 0636 1830 

Uni' 0479 0739 1408 1165 4586 U85 1592 1000 UQ3 2914 

r % 0.473 0749 1390 1151 U2S 1170 1572 9673 1. 2676 

BFr. L643 2504 4JB2 4002 1636 4067 5464 3431. 3477 100 


uit 9313 
Sept 92.93 — — 92.92 

Dee. 92.72 — — 9211 

Cmmatad Mhm 86U (8562) 
r rn l a a day's open la. Z7/B3 C-J 


as. tkasoxy rntmts n. 

oocjmumds of mo% 

ctase Hlrt Lm P»T*. 
March 101-U 101-11 10006 101-01 

Jure 100417 10008 99-31 9W7 

Sept 9905 — — 9825 

rntonfiri VrtoM 1,790 03Z7I 
Prretaw day's open Int. 3,438 0^268) 


CURRENCY FUTURES 


Yen per 1.000: French F> per 10: Ura per 1300: 


Fr per 100. 


POOMn— g (FB8EIOT EXCHAMfigl 
Spot 1-mtfa. Sofc. 6aath. 

15845 15792 15707 15588 

MM-STPUnt S* per £ 

Latest H|rt lm 

lire. - 15840 L5B15 

Jane 15695 15713 15665 

Sept 15570 15575 15570 

UFFE — STE8UWS £25398 S P*r t 

Close Hlrt Lm 

March 15839 158» 15828 

5ne 15700 — — 

Sept 1 v*o — — 

Enknated vofam 403 f7B) 

Previous toh epca tat 1,151 0149) 


MONEY MARKETS 

Rates fall again 


IfcTEBEST RATES continued fo 
fefl on the London n°?ey ■“*!* 
yesterday, in spite of Monday’s 
announcement of a cat in 
base rates- As dealers! o° ted fo r 
another Vi per cent reduction in 
base rates around the an “ L°f 

sssjsfflsrsCTm— 

gs&rs 

and 2 bills. authorities 

■SKSreim 1 . 

band 2 at 10& P^JjfppnlcofEng- 


"“““A 1 ? 


*MSWSto«- 


target absorbing £75m_ These out- 
weighed Exchequer transactions 
adding £465m to liquidity and a Call 
in the note circulation of £55m. 

In FTankfiurt the West German 
Bundesbank provided a large 
amount of liquidity for the domes- 
tic money market, to oflfcel liabili- 
ties incurred by foreign central 
banks earlier this year. These 
liabilities are now leaking back 
into the Frankfort money market 

The Bundesbank accepted bids 
of DM lS2bn at yesterday's tender 
for a 35 -day securities repurchase 
agreement, at a rate of 3.80 per 
MDt Bids totalled DM 2L7bn, and 
the successful applicants will 
receive the money today, and must 
buy back the securities on April 

1 \he allocation was much higher 
than foe DM &5bn leaving the 
market through an earlier exptr- 
ing agreement because foreign 
central banks had borrowed (tends 
to sell on the foreign exchanges 
against the dollar and their crwn 
currencies at the beginning of the 

-ear, when there was pressure on 
^intervention limits within the 
European Monetary System- 
. Under the terms of the Euro- 
pean Monetary Cooperation Fund 
Such borrowing’s have to be set- 
tied after 45 days, and (tends 
drawn down immediately ahead 
„r the ftmS realignment on Janu- 
ary 12 are now felling due. 

Call money la Frankfort was 
unchanged at 3^5 per cent. In 
faction to the technical nature of 
the Bundesbank’s action. 


FT LONDON INTERBANK FIXING 

quo m tor. tt»> ^3mntla U-S- rirttm 6 wertto U5. itom 

Md6\ | Mtofbh tUbh I Mfw6b 

The firing rates an the artttoretle aeas% rm ried to (he nearest refr-s li at re * of to DU art 
offered rates tor SlOm ipMtrt by to aretaet to Ore reference bank* at 1300 ajm. tart working day. 
The baria are National W e tt i SW r Bank, Bank of Tokyo, DeoUrte Bart, Barepre Natlonato de 
Paris art Morgan Goaranty Trnst. 


MONEY RATES 

NEW YORK ~ 

e-w*to^ ?Z5+- 

Prtrewte 7^ Tkrtemto 

totortonaw » 7V7 Stfto h- 

Fri hrV 6 Dregrer — 

Fed Ms at tomtrejpo— 6i Treym - 


TMMqr 8flU and Bonds 

tom* — 537 temyrer. 656 

Trent* ; — - 564 Foiajere 6.72 

71* Ihtearett ZB H")W frH 

a? ? — 

6& Treytre 642 Dyere—, — ■ 752 

> . .. I Ore Two Date Sh Lee tori 

{ ** nT *7 nc Heart Mortis Maolte Marts lotin Wlna 

350-3.90 3.90-400 3.9MU0 3.90410 3.90455 55 

sa 7i t 711 ^ 2 

iaera +££5 - — — 

“B 1 ^ = = 

14>rM% WrlOb 13V14 13V14 13J3h - 


/fTBij INVESTOR’S 
GUIDE TO THE 
STOCK MARKET 

by Gordon Cummings 

The ‘Big Bang* hasbrou ffi changes that affect the strategy 
and market operations of private Investors, both old hands end 
newcomers. Computerised Investment tracing and advic8 
accentuate the need for D+Y research, knowledge, and 
share deafing to avoid beoondng an impersonal cog in robot- 
controled operations. 

Completely revised and updated In the lght of Ihe 'Bg Bang*, 
this edHton b the essential handbook for those who manage 
their persons! capital and savings in the stock fnariosLThe 
author, Gordon Cummings, a chartered a ccount ant, draws on 
over 50 years’ experience as an active Investor, financial 
commentator and investment advisor to explain the workings 
of the stock martoet, and how to profit from it the D+Y way. as 
he has done successMy. 

For the new or potenfial investor, it provides an invaiuabte 
Introducfion to the practices and procedures of the market; 
how to set up and menage an investment portfolo and how to 
make the best use of your capitaL 

Contents 

1 No mystique about Ihs Stock Exchange 

2 Stocks and shares 

3 The deaKng business 

4 Buying and seBng 

5 Paperwork is Im p ortant 

6 Gats with an edge 

7 Foreigners have a word for it 
0 Figures matter 

9 Debenture and loan stock priorities 

10 Getting the preference 

11 Sharing the equty 

12 The changing market 

13 Porttoiocreetion and management 

14 Stock Exchange newcomers 
16 Otoer issues 

16 Takeovers and mergers 

17 Some spedaBsed markets 

IB Natural resources -a basic inrestment 
16 Going foreign parts 

20 Investment and tri* trusts 

21 Good watoh prevents misfortune 

22 Those dratted tastes 
investor* glossary- Index 

PobDahad November 1986. 

Ptoese reton toe The Marketing Dept, FhencU Times 
Business Information, 

n , 102 Cterkenwel Road, London EC1M5SA 

Order rorm fot 01-251 9321 .-wex: 23700 

w MOtorMMUOr*) 

P lrti M ae te pa ym aii l mart ■ c e ueipM iywtetoiPrtcrtitocluttepoatoge tote 


Financial Information Service on Japanese Corporate Issuers 

MIKUNI’S 
CREDIT RATINGS 

on over 2L000 txmd issues by about TOO Japanese companies 
Cost: US$3,100 per year 


To Uftuni a Co. LM 

Dal-lchi Marl Burton 12. >. NwM-ShhnbosM 1-chamo 
Mtn*IO-hu. Tokyo lift. Japan or Tale* J33118 

’ 1 Please send further information 


UflUHU 


America’s IsacSng fotires 
charting service— ihe proven 
tool for technical analysis. 
Commodity 
Perspective 
contains 112 
pages of over- 
sized charts 
covering 48 of 
the most active 
U-S. futures 
markets. 




DISTRIBUTED IN 
LONDON EVERY MONDAY. 

Fix sample copy and subscription 

dataife call Georgs Bradshaw 

01-3534861 

Com mo dity Rsrspectfva. 
rn 7V78 Fleet Street 

■ London, En^and EC4Y1HY 


LIFFE LIVE 

LOW COST RELAY 

Cumrtiuliat rete ril UBe muaedaw Sue. 
Crtwrtrt N Bta to far m odri U rei artalMW 
etc. Orereeto Etoirie aeleom. 

rmhUiur LM. Umto 
B4S 0B2 (24 tato) 


BEAT DJI BY 350% 

$1 nrilllon has grown to over $93 ml Won 
with in come and Profits Reinvestments 
1973-1986 after commissions without 
leverage or market timing. 
Advice on Undervalued Growth Stocks 
Mhrtmm portfolio 550000. 

Write or caff: 

EDWIN HARGITT & Co. SJL 
An. de Savoie 10, SnRe 2A CH-UQ3 
Uewk, Sv rttetotond . 

T* +41 a 200971, Tetai 24681 


Company Notices 


CAISSE RATIONALE DES 
TELECOMMUNICATIONS 

Floating Rate Notes Issue of 
US$300,000,000 1985*2000 

For the period of one month, 
from February 20 to March 20th 
(28 days) the notes will bear 
Interest rate of 6% per cent per 
annum. The payable interest due 
March 20 for each nominal Note 
of US$10,000 will be 
US$51.53, 


Phase sendme capyfcofta' of MVESTOirSainETOTHE STOCK- 

MARKET^ 13). 

Price £650 UK A Be or £12fUSS1 7 oversees. 

tendons ray cheque value EAJSS Made payable to FT Buelnen 

Honirtbn. 

I wfrii topey by cmdi cert (mart cnotee): 

□ Vto □ Aoce» □ American Express Q Oners 


CLASSIFIED ADVERTISEMENT RATES 


LONDON MONEY RATES 


art tag co*. 

Local Art rtq Depre 
Lort Authority Bond. 
Disceeal Htet Cepe 


tor- 

ate* 

7 tot 

wrtee 

Merit 

Uta-Uh 

UtrWz 

a-iov 

Uk-U 

i£io* 

5 

in, 

ass 

1SP| 

Ws 

10V1DS 

1 

ioa 

645-640 
6A-6 ,V 
7&-7& 


Sta 

Ueccdn 

to 

Year 

Mi-9^ 

9Q-9H 

« 

9* 

bJStjS 

OX 

9 ^ 

5 

10 

650445 


Card Expiry Dete-_^. 
1 htWriitPOntorSom 

(BLOCK CAPTTMrt 


.Ptaert tend me drtatodbL* order c 


TiMriBHkM- 

Ba*BMlfBv> 

Fine Trade BUh (Buy) . 
DatoCDs 


Tim Bins ten): toMri 10* per end; U* »i w a ri je W per CMC Bw WBH fctefO . 

epe<iBirt30& per ewe tto e e marts 9ft per em«; Treasury BlIisAtorege Wilder ratterrtcwrt 
55SS^e- EMD Ftoed Ftaree* Sdimne IV refcreaee *rt Janrery 2ttto Frtfrtnr 27 ftaduriie) . 
10J96 per ccri-LBealAutorWymriFtewee Heme* stowriejFmrUre.atowydtof.g^; 

Ftartoe Heoto Brae toe U pra ew» *to Mrach 1. IW: BtotOrtortRtosfar snimrae 

toFwrtke 435-4375 per cw»t CcnfBcates of Tax Deposit {Series . 6k Dep osit 00 0000 ^ rt « »ra 
MM wrier one mood 8>j per ranmrtwe marts We per toert tSST 

Otoe aanebs 9 per ccaa; riiw-22 mcato 9 pee com; Under OCOfiOD Pjpr from Mradi 6. 

Pcpasito held under Series 5 M4* per cent. Deports rttirimre tor cmk S per etd. 


Ptorte rtow 28 days tor defcwy. Beftrad* ere (Juan on Books reamed h good 
cnKMonandwtfiki 7deysof recaipL 

Redstored office: Bradeen House, 10 Cannon Street, London EC4P4Bt 
iWyPWO uvox i rw. waw. FT 


Per 
line 
(min. 
5 lines) 

1230 

12.00 

930 

13.00 
1230 
.930 
930 

12.00 


i pe«Htonr mgeMt £9 per thqfe cataeai a 
M prim exetade VAT. (Mkrieen 30 aes) 


For further detafb, write to: 

CLASSIFIED ADVERTISEMENT MANAGER 
FINANCIAL TIMES, 10 CANNON STREET, LONDON EC4P 4BY 


Appointments 

Commercial and Industrial Property 
Residential Property 
Business Opportunities 
Business for Sale/Wanted 
Persona) 

Motor Care, Travel 
Contracts, Tenders 
Book Page 
Panel 




•*. a l * * ■- A 
























































































































































































































































































StJ&EA 



Sr 

■I 

« M 

\\M 

fill 

r! i£:L 

i sis 

m 

: ■ I|1 

l ! 

=$>!;?§ 

n7£i?i 

^5« 

: I 

■ i 

J 

s ; Tr?*£;ijEl 

•aSjj'ik 

5 ! -SsSife 

*; m 

■ «<fS-S | A 
^ 



Financial Times Wednesday March U 1987 

INDUSTRIALS— Continue El 

M ow j in* 
on lOnGrVPflC 

HBIIIW 


££SJ*l£ 



k* 0 *.. 


341 


12 


as 

7W 315 
318 68 


fe&felOp.. 

KnNwZ. 


73 




kl 


teedExccHMesl 

bodbaMMH 
Rrijai, 


Reuters •ft' lOp. 


“HESEr 


RsrtUp. 


loS^fcH 


129 


. " *-e 7 •••“ 


- r :; >i 

Fi'- 

f - — 4 * 


«!??« 

IS 

r> jy 


.I;* 5? 
.33 sg 

;.r -5 ■- J: 

r *- > 

: . :. s- 

?r- _ ■. - 


mwwu4U 

ShmdEUj 

KwM( 

■ (RAChall 

lTb&GrataiP 

IteTSrirTltney 

■BewaW. 


Up. 


277 

CM 

ScatRabMOM 280 

Scott GrcenfavnlOp. 1C 
Sad. HerttaUe Tsl - 210 

ftari J^a AM 

j C iU i iicriowy — . .,. 40® 

Da •*' N-V 282 

F5crartoHrdEfp5p 137 

SecuribSarv 

Sb?i«Wi»^.„ ... 
HMmJnn— J 70 
aw:-—] 293 
i5S.o«ii___4 vl 

1IH 

rfWtak 




feiitelwh.; 

n*— ■ 
Souartec. 


fcSOn Bui&rplOp. 
*Spamie*10p-M 
Spear {J.WJ-ZSH 
K ptirt PnxfcPslOp- 
SpongHIdgsj^M 
Spri ng BmO 

Bodes m 

5ta6-Pta5p- 

SWnlry.H 


LEISUR E — Continued 

■ i’.T a us 

D36j M [06 1 


_jl Start 

f BtSS&feid 8 


ki 



73 


| 111 

a rsLCnv 

17 Tba Times Veneer! 
72 FTkemnL. 

«L nwifllJL--. 

98 RmbWk. 

TKSfe 

113 pod? 

WO [rood^fR-V 

90 Tojn — - 

252 TrafatorHsaaip- 
129 TraraportOe*-. 

, lDb framed Sp—-- 

1 119 nw«eH0*UI 

57 Meta 

76 Turner A Hi wall I 

as Judo Hr 

. 78 

a* 


90 

471 

132 


ss 


£5W,ihnnv 
65 UaBnrt20p 
20 J.GrtHPtMlOp- 

. 92 HW*4WB*m»i 

320 212 Vator--— -— 

194 120 vmen.Cip.afc- 

195 1 06 WaAPwavlOP. 
OB'. bwartdbABFWa. 

671 WtaeriordC' 

159 [Walston's! 

240 

156 - _ 

14 WMpac7o, 

49b Wert lartrtj- 
67 NMMaMta-. 

15 aWennwMOJUJ 
35 iea»fl4Di-alZ^ 

1 210 marten 8. Ab*15p 
itQ 165 WtreniM — 

30 Mteffe 
183 116 WRkesU) — , 

aSHMrtraftromra- 
750 1 395 
320 W 0t5peCw0«a 
97 Xj5bpeCtatf»Wl 
20 WSBaresUJ 
120 UnHsGraop 
BWsetey-— 

123 Wrttester V 

16 Mrtvtt 
£2 iUfyta Grata 



MOTORS, AIRCRAFT TRADES 
Motors and Cycles 


i 270 2U ;**.«*. Urtk_ — 
612 386 Heart now WO — 

632 5*5 Jagn* — — 

41 14 MtrtMMMrlAu 

72 2B toerSOe —I 

! £H £ 2 ffiPoS »25 


247 lei 
578 f+7 


075c - 
024% 133 
93 * 


Commercial Vehicles 

SRSfedA'.. 

Conweneirts 


«Q34W 12 I £0 1112 


, 341 139 8E 

I 4U 145 ttboPaneH-- — 
87 34 UHlaw Slrenrtjes J 

174 Wh bnMnrt£q.Up_i 
85 68 HTSlOn 

2B2 172 tawyMp 

■365 252 ’RCnw — — , 

144 44 CwO-FUHUSklOp-l 

1(53 433 jculartO- 
103 83 MpterSp— _. 

125 43 aencmwipp 

123 32 MaoaaadU->~ 


4^utu[z03 


H 


kz 


Ganges and Distributors 


7VjMmrtmlO» 

S Sffisr 

911, martUC-DJ 

91 JrtLCerAucLlDp J 
168 Cdha.50p_. 

79 Santo (TJ 5a- 
99 tarts Codbty- 
111 Ewllahhwt 
66 talas If.CJ 


36*2 UmiWdLnteaceJ 
67 Hanwefl- 
28 tadaWm. 

71 teapi — i 

40 HaUa>Crp.lDpJ 
26B LrtSenW. 

90 Urtm — 

a SZSifiJiom 

75 Mewm Hater. 


I 


38 


Pz 


0.71 0 
H6X 34 
. tU 24 
htadw 53 
143 20 
fU 28 
63 4 
45 24 
85.79 22 
3X 27 
♦— 

«265 23 

nilS 

42 6 

106 0 , 

6.4 35 

43 24 
t2B5 21 1 


240 


NEWSPAPERS, PUBLISHERS 


136 |MccanlM>5p 

195 6ss.8grtP.20p — j 
218^ 6SW. Mews-— 

180 MPPHteWp 

285 Uadt [A.6CJ- , 

129 idstel Ew. Port — 
435 tartsWOtam^ 

288 De.“*“ 

021, taUyUrf'A‘50p 
78 ESUP'A' 


ej+.al 




1+2 


BPri A *- ■ ■■ 


-Z 


Wz 



95 KWS 

INSURANCES 

autssa%s‘"“ “ 
is s«a» 

'^tawricaiteCani- 

UD p 's* 

112 Bi»fctac60roop5p~ 

1 Ssift 

210 ; 

420 

13 tSSufe= 

09 ■bRR'SfeSSr” 

UZICpaS 12 ®^— 
pWSHortaf.^- 
PMrtGrflrtSR- 

S3 £££ 

520 

sSJSJIIlSo 

OEAi rorrtnwh»" 

igrS^ 


238 

283 

483 


SsSsiSap— 
iDWtertsKtap.^ 

ZEZUi*- 

lofLTiocMWl-—— 

WeUBuHrUnlOp- 
HlusttdbiZDR — ■ 
NenCotpASDJOM 
leaslM.Spec.Dto. J 
flD jPrt.lflp__] 


335 


HI 

rs 


838 


4jtl2J 


PROPERTY— Continued 

!* an On I | 

Start i Wet i - 1 tart Irw-SrtjW 

a 6 JWW- - \ 

_Js.4Cm 2flp- . I 121 

| ln» . . . j 194 
4*4*99 ICUl 
wh 1 
iiiwn.-. 

!m*5p— • 

09 10p_. 

ES50»_J 
e lw 10p. 

M50Py- 

MtpbSSp. 

taPStaTj 
aaLwnrteSatJ 

»WNM* ‘A’ 

knvuaTiartSt — 
hnwtrDnKeUta- 

Rurdwger Prop ]&.. 

47WPHK Lite — — 

m taeProiaWSOp- 


k 1 * 


1*17 




1*3 


kio 


Pi 


J8L JMI nvH ■ 9 W9 

1052 ta.9pc Cat *9499 -Ji 
£102tj 0gq25pt&UWi4] 

288 Liaoai Hdp. ZOp — 

276 llEPC. ^ 

44 taarMw 

153*, Harter Mh— — . 

ioo wwiwnsPirtiJ 
90 tteunmiop- 
105 urtarSGtsZOp-- — 

LZ2 UerisdrHonreSe- 
49 Merita I«1 P»rt* — 

B NtaadHrt 

105 Do. 5J5pc Car PI- 
365 WauartwEas-Sp- 

BtacMow(A.2JJ — 

73 Nr» CawodWi 5p — 

14 Mew Ertaal Pitta Se- 
ll OrtoftErtMas— - 
25 PsVmeHldjLllIp 
255 Peart, 

385 P«lH 

56 taoerUPna-aMRiJ 

95 Print MaroasUp-H 
107 Prop-Htai. & In* 1 
305 Ptsp-Partaentap- 
176 Piep-SKnerdnl^ 

106 Prop.S*e.lni5fti~ 
AtPrapeniTdlB — 
8>,togljBProplB. 

00 Retfttai— — - 
28 RflRMCKrtlOp 

77 6Rlrt»5p 

110 RdraoCnwoUO-lOp 

tswrt20p 

—j 4 Tgms&itss. — 

M wta u Pi owWP- 
WMTOP.Z0P — 
t Prop— 
jSees. IOp— — 
. Grate 5p— i 170 

Esc 

Do-lOpeCtW-SS-l 

DO. BpeCn*. 91-94 JC1B6 
Do. l2Hl*LnZ009 J£U9 
Do. Utipe 2019—1013 
Saitttnp Startan 5p 
Spfrtwrt — 
SwrtrtlS« 

Stodder 

row Fscnrs 

Oo.7^pcCm.2014— I 

rotmCerte ..... — 

»ToaaBrartSea20p- 

rraffoniPart 

ITrearterwood Up- 
T net at Prop. 5p — 
UKLwd. 


Walker (AHndMOp-l 
Wanar Estate — —4 
Wamtardlat.2%.-. 

Macs Clt? of Loo. — . 

^ WereMkne DFL20-J 
Wert 4 Country — 

PWtogii ! Prop lot 
MlJtYorit Mown 

SHIPPING 




INVESTMENT TRUSTS— Cont. 

141807 . ;♦ erj Do | 1 YT4 

HUH Law i Stock • M*e i **d ■Ct'W'* 

259 1 139 jCiMceM Japan SOp -J 239 it? I .9-3*1 *JM 

1 oiyS-rjeunc • J 

13U Do iCjsi 2s S 

110 lOetatTstinc . - J 

111 Do. Cap. lOp 

314 JraytoBCom. 

134 >artonFa.'Eart ..... 

i,. 44 So. wzTam'U-U. 

772 421 Draaio* Jasan — 

•" eCLandoB 

i On. Trt__J 
nFnTst. 


’ks 


693 


♦2.9 


293 




LOlOll — 


L9 


17rt 


181>, 119 
41 29 

152 132 

I 483 284 

470 320 
_... £31 
200 136 
! 143 47 

124 75 

. . 99* 

U 58 
3B 266 
690 403 
i 234 154 

149 05 

__ 22 
310 171 

, 265 142 

455 390 

. 14*4 8 

4a 209 
70 50 

2D 10 
63S 480 

I £154 

231 143> 

390 | 285 
I 156 _ 

174 109 

158 96 

195 123>; 
186 123 
185 141 

171 107 

in w 
12 

52 
514 
120 

53 
203 
250 

172 
451 
157 

SB 
18 
378 Z74 
2*4 133 

268 140 

126 95 

55 a 

190 114 
185 115 

151 >: 97 
170 128 

271 137 

327 185 

453 244 

390 210 
32 27 

2ZT 159 
82 33 

204 192 

109 89>; 

975 543 



_ in Wits. 

_ in Ta. 

&Gcb_ , 

Rn.45rrt.S5_l 
;lDwa IwlPlBJ-j 
_j4t«wl.TsL- 

8 Sent. InZ 

J 

rCcmsnU. 

iA»M3Dftl. 

mC ADtmce iTr—-. 

r 4 C EnTstlOp 

: &C Caramel— 

; & C PactTic hw. T — 

Fart ro iA Cen - 

iCfcartatuAon. 

: Scot. Am. 

„.1ng Japan h. 

Do. Warrant! 

riceunq AaerrtB 

Da 7ac CriJaLn 1999 
;CLnrrtnne- 
Eaerpnse — 
Fj« Eastern— 

. jfledgrttaa — 

in;J»«i 

MercxeUe— . 
: fcron; Dwmeasi T«-l 
Tert. Inr- 

jitanal. 

; amgn&Col_ 


*‘i 


302 



rcxtel 


fiiwrtean— 

Earapeen— 

Da Warraas — . — 
lirtnnwUA&F.Tst.. 

Do. Warrants — 

iCanSBtaLiied 

eralFans So. 

Oo.Con».2p . 

iSetnrtttaS— 1 
a Warrants — — — I 


lOrtsWlIn* — , 

J Smgc ta» Up -j 

SiMBtriartaf — 
am Moose- 

i0m.10p- 

.—nsimlrt. 

Oa Warraots 
graded In. — — I 
lFuaeU. 


2B3 


241 


244 Qn«tsnC»td 

£26 U/.PxWrtSACalW-l 

26*aDa P«» 

MMJipan Assets lop 
_ 14 [Da Warraras — -- — . 

I 007 lean Do.4i«acCvLol994-J 
414 1 305 Jme|6eo.a — — J 

lo3 I 111 AnHotaMta 

81 I 66 iowhw. InclOp- 
_ 21 Da Caa 2p 

3S7 205 KryfloMliN-SOp- 

122 81 MmwM Carter 

173 157 lOemwtt De» F“d 

165 U1 nemwOrtCTieasTn— i 
235 riWmrtr* SimUwCow 
141 Lama 6 London bn. -I 
Law Debenture — . 
Lertlm. locJflp- 
Ds.Cap.5p. 

Lou Albntt . 


+3 


au- 


„■ -i 
Vh 

+2 


ki 


k3 


65*J+1, 




-T 


90 ID 
11 ID I 
25S 9 
rtOM L2 
3.73 • 
t2D 08 
HL6 08 
FU ID 
189 • 
58 U 

748 ID 


IS\13 
1.4jU 
7l5jU 
sift 0.9 


FINANCE, LAND — Cent., 

1946-87 ! 

Htf6 Lew Start 
373 .130 jttwra,ST20n — J+a 

, 125 ! 52 taHswParSSl 

n2S' *40 'ttr-dmor 4AnCp — C321 

143 ■ 90 'MwmjSiwo 

; -114^1 75 te.FJ.4Hw.Cn.- 
Z30 , 158 iWlCrtHtdS-— - 

'SS 

30 I 27 lta»ea»e«Co.- , 

18b 1130 'hsnrt SmeOJp — 1 
190 153 ^atnsanFirWP — 

107 65 teoantS 1 -— 1 

-47 3 [neltndr Trust Ip 

50 23 9Mwl0a ... 1 

Z7i, 13 OJipnilBtlmlDa— 1 

41b 23 iL*rt»tn.5p 
77 56 (LmuMerd 

66 45 iDaOefd. 

can 

514 i ■■ ■■ " — 

307 190 aa.4C.SW— — , 

228 >153 M«;«Be I9H. 10p — 

406 |252 rUMertHeHnute— I 
208 ! 14tzfeMC hwsl2be _ 4 

,s l£ rasffi® 1 
■* I s rsesxiM 

1114 huwuiai*Tt5Ctt. 

41 feswwConS— 

37 KSeltb — 

200 parraa U. TJ5o 

i« 

156 temwtlOOp -. - — — 

194 SS«anEW»ai. 

199 t Tt ™““- Sm - 50 M 
93 I Oa Warrants 


35 

MINES— Continued 

^ I — M 




78 

nil 


uU 


30.73; 


For llta Tsi 8 Cnrtn see UTC <Refw* hB F* > 
10 toWtariortBdwrtai. » -Z 

53 Mfestpeo! lex. — » « 

M ifYeMrttH hw. 5a - 43 ■-■ 

25 SYodtTi^l^--- *1*1 

£60 S«i£gftrt»9HD- QM ■■■■ 

153 rirrtrCattolOp > Saw >~3 


tLf 12 3J 36.7 

♦lij LB 27 298 
08% 48 ffiD ~ 
htLSl 28 35 LLL2 


WtoMMI 

F5. Cons.CoM 50c— 
Free State Dn.lDc — 

Kumen,50c 

MIHJJGaklRODl— 
OaUantaBTlCp. 
DaCt»Bll9B8l0e. 
Lonnie R1 


Dbunend and Platinum 

£79 £32 Undo Am. In*. 50c — C» 

70S 312 DrBKnH.Sc— £» 

490 275 Do.40pcPI.KS »7 

864 510 ImpalaPtaLTOe 734 

725 410 Lydertuel2bc 

860 500 Hn.Ptit.10c — —1 820 

Central African 

ZUl [156 tnkooZSOc— »« 

17 10 MIWMeCeL ZS1 If 

16 I 10 Ban.Cpr8a0024 1 15 

Finance 

98 65 [Mei CorpUS $180 -J 

03 360 AD9- ftirt Cal 50t— [ 
m*i 630 Ando Awer.lfc— 

£57*j £30*|Uira. Aia Gold Rl. 

£42 £21 Aaoional 50c 

33 11 ICieoaeCoMlDp— — J 

123 70 rCwo Al« Cora US»J 

8*5 409 Cans. Geld FleMa- 

939 425 CenselRl 

,590 Sencor40c ■■ 

35 1 18 taU 6 Base 12*jo. 

525 MdFtotasSJLSc 
£46 krtwrg Coes. R2 _ 

530 UldOtaYAl25e 

450 Htaore»SBDL40 

250 Mew Wits 50c — 


m* 

Net 

Q10 


I ™ 

IdelGeta 



,7.4 
|12J) 
, ZA 
116 


.« 

162 

1113 


r* 

[16D 

4J 

53 


m 

tF 


Q60d • 148 
«Q5c 136 14D 


L6 


28 


0.9 



50.73 25 0.4 

♦5-74{ L2 
2ft U 




kft -J- - 


410 
210 
302 1 188 
44 

266 , 

239172 
2Z7 1 161 


Kw»lrtHM50p-J 

ow HMliew^apen l — — - _-~r - — - 

PAPER, PRINTING, ADVERTISING 


, « WTASeiedtafl. 

201 UMIlUVUas 
I UB ad*™ Cowed. 

[162 MspenCanoeLai 

l “ SIK 

IBBBDesIrtL . 
tartan Groap . 
taite (darted fti 

[flUWf — 

HRertrtm ErtWu? 

» Sfa SS 1 

335 201 iPCC^ 

59 42 MraadSWeilflP. 

• 198 M2 towetaBSrp. 

1 *250 156>] Band 

720 tarttrt CB i m cg. 

| 233 178 aupM trt-50 
173 MO fCJnrke Hooper i, 

, 560 215 tamdiUiGfnw. 

77 43 taeradHMBS. 

U5 84 KomR* — - 
: 43 Wi 
138 75 jCrawnUrttala. 

425 180 UW»>~ 

99 51 ICroweTVPitrtWp- 

425 1« »»« s-i 

IB 130 tatasonPrarcalft’- 
375 BO )djtiPac*ato- 

266 1 IS ^£S ii 

318 170 FWgnanlfld.. 

I 210 212 =*nyPlrtl 

| 4fD 200 TtrislCal 
97 54 JeeraGranlftB. 

; IB TO 3G4dWiLyi tU . 
258 178 inldGrewdewTSp.. 
210 88 t Gu rtft M flWwr 

j 345 2D7 1 , tataesUuttartl 

| IS 145 Home IRrtWJf 
1 295 134 P fl- HoaYB t *y . 

I 395 187 Mrt% 

_ . EUIiJWTGpIpEk— 

; us UB tan* Porter 3>, 

360 250 WLdMT 
123 45 CtaarfaUtac 

185 58 XAHMta 



116 


Crt^UIDBl 


180 HO 
437 312 
350 1« 

183 118 SHowWwCorplOp 178 
UB 96 «ta«g»Biw»5p 
183 93 4ore Q-Fetr. 1B» - — 1» 

si ^ iawas53*8u- 

1 ‘S'BSfca 

318 wo Rtaw» 6 — r-— ~i „ 

OT UB SSSKSStl 1M 

3&V SS tea: % 

5UI 2561^1 h« 10“ -J 51# 


; 445 170 

! 286 140 

458 120 

108 83 

108 711 

144 lU 
BO' 20 
263 136 
236 203 
215 130 
654 299 

952 239 
J 122 40 

1-255 UU 
335 230 

186 U3 
160 117 


EWVjsnffl Paper. 


02 Setaas-LerseaSl 
475 SrataSUpEl — . — 

53 JacotnU. I.)20p — 

I*, Lea O'Saas Frtn — 

J, OaPM.0rd.lp— 

4 LjieSMppkig 

1 Do PfdOrdSp 

27*2 rimer Ok. UnjB— 

36 NIHaril Docks £1 

181 kenTranspart. 

430 >6QDeM£l 

Ob*, Daa3ptCn»Rd Pf 
UB*; Do<ApcC,m - 

02 RmtmailW.] , 

864 SeaCrtalaenlODl— 1 — - . 

, 121b nphortlDp— MS >3 

1 360 iTantaB Santa — I 380 H5 

SHOES AND LEATHER 


UL75|L5[51 


123*, cb 
170 >2 
£Mb-b 


U 


k»a 


3:15'“ 


1BD 

238 

15.9 



■47.75 38 
FlUC L7 
08 08 
7X * 
512 ♦ 
191 22 
4S — 


33 Ell 


231138 

ar 


SOUTH AFRICANS 



leisure 


is Em 


ki 


1176 
20 

!&ss jg= 

l2W , SsSSi® 11 


ad 28 

i s-ZV 

hILZ * 

“ H 

fsal 38 
7l L* 


53H 


ZE 
8 5 


2*1 03 
t5l 22 
*7 13 08 

L3J & 


HwiM^,^ 

P^itagPrtnsrtiBS 
(THDAdrartUte 
tnapacGraopI 

{.TmkPnnoeaeB 

irter Walter lfttl 

WrtiPofl«W5p 

S^s;' 

sil 

1 PRO PERTY 

MtaduadpaMp—1 

AsbPropedralB— 

BA^cPwitar^f irfi 

UttartsSWfsMP- 

BndhfwRH^H 

asstanPsW 
teitaiLwri. 



58 1+2 


79 


1681-2 


Weiuir R030— - — . 

AnjloAm.lnd.Rl — j 

tartow Rrtd IUOcJ 

MC Bazaars 50c 
IfSASOLRl— 

SABmnZOc. 

Tiger Oats Rl—~ — . 
liongaat-HgtottRl-J 

TEXTILES 

205 UHedTextae. 

135 AtfetasBras-- 
97 ledes(J.12ft— . . 

86 tadmaA-lft* 

123 IriLHaWr _ ■ 

60 Mmr&lJRab20p-] 

, BbCwrt--— 

191 tawtartls-. 

, 74 aowtaerUJ 
|196 tawrtMl WL- 
«2 Jrtran Hsrv 50p — 

66 komaiood Grata — 

20 DwaMI12bP 

62 EaytdlKwilOB- 

65 : Drter Uohnl — - — 

88 laden B-taomSfla- 
3b GtaAltaer — - — 

[134 fa ga asIJrta H Op— 

32 HkJdog Peoacort — 

87 IH-gwith M. 20p — 

90 Ingram IMJlOp 

46 hraraedWtaJ-— . 

, SO K'rtSbiPrt»20p. 

132 jmom HM9S 10 p — ) 

1 138 l^rdsCrp 

39 jineelRoifriHJ— J 
73 LrtetfSJ 20p — 

71 HartayHort— 

4 UbnunHmlDp 
32 Palma Gram — 

|U6 FPondwreBa — 

93 ParttaBd’A' 


' "sIObI 


lioo^^a. 

, 72 c 

1 128 5tntar 

48 amaBdaor (RJ 10P-[ 
U Snrttwl •A'lOp -. 
[125 Do.lOocCiiilPrf 

95 rtrfrtJrsr-lOp 

85 Tc 
. 76 TooBri 
1100 TorayY 


poridjdclOp- 


+5 


+3 


015, — 

0180c 6 

080, 2.7 
Q30c 18 
10I5J 24 
Wbft 16 
Q4Sc ♦ 
tU07i 19 
Q270c 17 
Q12d « 


ac * 
71 2.9 
t*i 48 
5.7; 13 
6J 28 
♦57 U 

I6J 40 | 
U *. 
t6a 28] 
♦03 6 . 
T3X 42 1 
t5i 
13S 19 
33 14 

. S3 26 

DM 
bSj 34 


+3 

410 


17 kb I — I— I — * — 


Lm iSuatWydf — J 
London Trust— . 

Do Warrants 

Lpwfamd lo» — 

M & G Dual lac- lOp 

033 580 DaCap-lOp 

‘Fa kl & G 2nd Dua(tac_ 
Da 2nd Cap. ^—1 
tawnnisamJ 
MartkiCwriePac-SC^-] 
Da.Wamms — 

. ..ilMMIn. 

1 102 KrrdiMsTrt— 

154 MidWynd Im-Trt. 

[162 imas Iomsl— . , 

537 332 lloonrttalw.Trt. 

SO HrtRnat 

192 128 Ucrraj tarameTst 

IBS 122 DaB 

138 Murray lad- 

13lb OaB. 

215 ttonay Serito Harirts 

397 230 DaB 

; 240 159 UamrVertwes 

. 568 370 few Conn 5ft, 

71 50 fewDvieaOltst— j 

49b few TM4- lac- 

36 Do. Cap. 

13 Da. top Writs- 

■s saiffftS 

278 UtK Alhmik Set 

a» Ml Brd. Caaadan— . 
£5 UdiSco8andliitlQp-| 
22 North Sea Auets SOp 
— .278 NUr- Americas 

SI’S BnlSs»q 

Da Warrants 

Pacific hw. T rt ■ — 

Da Warrants-— 
780 640 »3riBterBo*IFrtdSA_ 
52 35 Pmonta Assets 1 Z*biJ 

ptoauttan Trust j 
Frartw Hauls Tst_[ 

490 339 *artaa; 

| US RirtBilss-Ca?-— - 

EttoerHeraGfdPrep 

To Inc 50p 

... RherAHeturade — 
219 RiwrPtattDe».~ 

£2ff9 RobKoOrJ FQO 

M 208 DaSdLSrtFIl 

£27*j ESb RdtacoriVFnO — 

Z75 ISO DaSob.Sta.Fll 

mJtorefflo WFUblZ-l 

U6 >. Andrew IsL- 
BtOartristoT* 

Data, 


™i+r ] 


kl 


ki 


179 __ 

1U 110 
112 75 

307 227 
580 323 
163 98 

106 44 

148 12S 


LO 116 


13 06 


<0.9 44 

• W 

U 


ki 


ki 


18 03 


TOBACCOS 


,uAT lads. — 

B ollwa asUba — 

TRUSTS, FINANCE, LAMB 

I «.MS 


lcwld‘1 


yOA5p— - 

taWlAJlOP- 

;***£ Cantata! _| 
,Q16b DaB*tfcU1999ff-j 
1 £3 , !Ortilfc»P«£lOP 1 
JOO anWPrita.Zfc — | 

gi SSSSd, 
£ lasted 

217 Uayfono PrraaSp— 1 

41 DaWanam-- 1 

S S H ^q 

37 •CcnsTern M*Z0p-l 

99 SSK-SS 

a sbS 


15 k- 
222 
MB 


13^38 

ag*8 

tuISdiJ 

, MX 2.9 
kt«iz 23 
^ 13J 38 
«M If 
L3i 52 
18! 46 
■036 4.9 
71 • 
0W*« 


Ry+| 

mb mib 


k3 



n-9 la 
4J 68 
t6X 28 
14J 33 



P*rijTnirt 


to.Trt.. 


SPLIT lie. 10?- 
SPLirCaolOp- 
SPRAHSOp— 

QaWawaab 

DaCemPtsPraf — 
2*0 157 5riHderGMtal. 

97 68 Saa.A*Mt- 

560 450 SCOL Cities ’A" _ 

1« 89 ScoLEtaLbw-. 

443 285 Saaxrtlw-— 

100 77 Soa&HeK A'5p — 

b38 405 5cw.Mon.4Tsl 

373 245 Seta. National — 

843 570 5ec.AHttceTft.__ 
223 100 Srond Martel la>50p_ 

SeortWiTiScta ] 

S»kta hw. 50? — — | 
Site tar Upc tola-1 

67 SauRerCaliwTB— | 

3451155 S-hcKmFi* — 

97 Uraa toesimeaB. 

9B«, Strano, Ins-Tst — 

81 TRAwtraSaTraH; 

48 TR Dtj rf toden DkL_ 
77*] [Rind. S General — 
100b TR Nataral Resouras. 

, 89 - rRNerth America— 

215 118 IR Pacific Basin 

84 46b nt Prop, lai.™ 

U9 90 IRTerimArar 

69b Hi Tnotees Ltapn 

204 "[135 fete* Bar— 

*83 51 Itaojnan Dual Ta lac 

310 193 DaCaalp- 

392 239 Ungnortai Trust. 

203 74 Oa Warrants— 

119 74 [Thrag U5M TstSOp — 

61 22 % Warrants. 

272 226 fra. ImesL to 
580 364 Da Cap. — 

185 111 frtaM Imres* 

95 7Bb Tnplenest tat 50p . 

73 BaCaptUda — 

17 U5Deb. Corp~e^-- - , 
BE dtagoto Trass*— 
3S VitoAlnconeTaUta. 
98 DobtoeC*RdPf— 

33 Wldna Rtsnaws— 

3®. Wtento 

22 DaWnrrataa— — — . 
95 Yeoman to InellbP-l 
87 DaCap-lp- 


ki 


OIL AND GAS 


U 
9 
10 

22 r — 

, b Sou 

IS (PWResorawiMc. 

1 23 #Bertei«E*irtl0p_ 

. 27 ferageO*-- 

322 atiL Borneo Ulp 

el prtMG* — 

518 iBnL Petroleum 

67 foe-EpcPLa 

101 fentri lto 

IB ttBrysarOeCtalOp, 
]U4fttas lr£0825 J 

260 i Samuil £1 ' 

£775,1 OaBboelaRl^b-i 
85 inCatodwaan WD J 

48 partes CaoellOp — 

® , 

£22b&fentnCpa$3 ] 

27 w&arai9«ePetNL-| 

22 BCAflOd I 

I 3br>DaWtaT2n& 

30 EWePrto^— , 

I Q7wCoaaal Cpn 5033 — 1 
•* MCoREnand Pet. N.LJ 
bto™*P»rtaiRes5*J, 

„ IfUBdtattdBriDCD — 

92 46 [8C»uuder20e — — J 

43 21 irtoaiirailftlbtoJ 

Q22 £97 ELF UK 12V Ln 

42 16 EmrayCapoalubP. 

225 114 HTE.R.I.C.S125 — 

23b 94 ‘ErarpmeOil——- 
79 t 33 lit fnlnn — >tn " 1 

£56 IDS gaate-—- 

45 45 ff atom Res. 10? 

20 m-ffaktoith Pet 

55 I 23 iCFlrsdaEdDBUb— 
llratrraYtMQ. 

iFtorfOdlOp 

•SmuRailmSOc 
♦SbtulNatRes 

Coal Pel 5p 

treat Weftwn Res* - 
VGrifarenmRtsl — ] 

Hannttco OU top 

”Hl5«andParUcp*J 
I HitaUnq Pettel — . 
£87*, DalOpetoULW J 

21 IHOCOUp [ 

273 lata Can. GaiO—1 
Da B?cC« Ua 95-200 
104 VtadPitCnm— 

4 bdoauEaptaJI. 

3 Mrtsens Drilling— 

10 KCAEtorUnglP 

15 pKrnmifB OR Ezpbi 
3b PLetaardONAH — 

B8 LASHO 

1! RSSS.X- 

18 UU annex 10* 

7 fMeridtai OB NV— 

1 fUonrrtPetHJ — 

7 i-HM«m0fl5p_. 
lb HMoray Firth 50p- 

, 15 fewLflMtonOUSp— 
£llb Norsk Hydra Kr 25- 
14 HWiSra&Gatara. 
3b tank rite Eipta — 
2b WMmlOc 
6 POUdRcs.— . 

• s sisr i 

27 PPetoM__ — 

8 Wenetoeto.— 

29 PrtrarolUp , 

4ZbP«ma»12bp— J 

£86Vf Petrofiai 5A_ 

U H+wnraPwrtto-l 
24 5-PicL Pel-n 
21 frtolerCflm. 

frESSE^ 

10 ISappMRPnSOp 
U9 PSceptretel — 
660 Shefl Trans. Reg— 

60 Da7pcPf.Q — 

123 51 Irate* — 1 

U KorthwrftRtataW 

18 5ome*F,0« 

35 BSralUWatetalp 
U rfi Enerur — — — 

1 55 Texaco 41tacC*._. 
U TnocResAS02SkJ 
£26 TocaPOeFr PaB — 
43 Triowte — 
£6W, fnceetralUpcCyla J 

B 

strap 

1 


—1 — 1-1582 


015d ♦ 33 1 ♦ 


8H 


|uKJ3q 



kl621 


03 


108 


1 52 1 76 


— ID.9I- 

7.4 


168 




« 1+z H - 


- 122 - 


14 >b 


QunJ ♦ 


J2X) 38 £ 48 

£ r 3 -. ; .=. 

1» t- 




- - - 338 


[200 RteMto.Preps.1 
I 289 tottStaHteior 

AustraXaiu 

llJpAfaaleca Him NL. 

3 P Afro- Weft 20c — 

64 PACH bOc— 

6 IfAtaiarles Easin HI — . 

4 RAsta Oil & Minerals J 
4 FAastraHs Mog ILL — j 
28b fAustwrto Res. IU — ] 

U » Aztec Expto. 1 

, 6b PfWnwdRes 

1 135 Harrart Hines 

41b p Bond topa——. 

89 PBaegamrille 1 Kha. 

18 rBnmswkkSl 

[213 PCRA52 — — 

40 pCarrBojdZOc 

*6 ventral Paciflc — — 

UbYtos&dHgAraaHU 

7 PCulMSR»NLS2_J 
2b PEatae Cora lDc— — 

6 rtotemPeLAestraUa- 

15 pEaatM20c — 

112 PEncerar Htaes 
_ PEndeamar 20c 
12 PEtaerprise Gld 

25 PforarifiNL 

. 24 fGenEsp&Ulwato. 

315 »GM KNgwtta* J 
17 SCreal V dona Gold— 
lb PHHCAuSt NL20C-— 

46 pHawk ImKtnoitsSfic- 

26 pHdl Mtoerab NJ 

15 piodisn Ocean Res — 

7 tplnrincfcie 6d 20c — 

Far iNrtM* 6kt sec Hex 
lbb PJason Umag ZOc — 

22 pJmgelfeMols-. 
UbAMlaMbnNL- 
5 PKafcara Min 20c 

24 ptQaOra Gold 51 

21 ptOKhenwNL25c — 

17 pdrekautorra 2Sc — . 

9 pHetobRiSOc 

87 pMtraea Mates ILL- 
40 pMetrannr Hats 2& - 

63 pHIHHIdgsSOc 

2b pUhttOekh Gipl 25c 

12 PMInill Secs. 25c — 

5b PMaora Bnrgeft 20c 

14 pNornondy Rs NL— J 

73 pHorth 8 Hill 50c 

15b UrtKalwrt — 

24 pOakhridgt 50c 

16 PO&er EzpTa.NL _— | 

13 pPtt Aon Hiding 25c 1 

69 pPancoatT2Sc 

9b pParagm Resanras NL . 

45 Parinp UntaEap 5p_ 

205 pPeho-Wallste50c_ 

9 pPetart Res NL 

7 pPortntao Htaig — 

8 pOwenltatgrelfiokU 
28 PSeprattektaZOc- 

225 PRewison 5& 

4 PSuiMa Expire NL- 

143 pSontCwanaNL 

BbPSttoLGotaBteZT 
6b pSoodiere Pacific — 

41 pstewn Res—— — 

3 pSctat*raVMtnrfs25c 

10 pSparaosOpl'P — — 

5bPSmRes20c 

U pTtanea Hiring 25c- 
37 pUtdGoMRektsNL — 

U pWea Coast Z5c_ 

U3 weoaHring50c 
82 pWNni Creek 20c_— 

20 pwintar Res Nl— J 
tajIfYork Resources — 

Tins 

120 |Ajer HltamSMl 

19 Eew— — ~ 

35 GepngBenadHSOSO. 
17b tear 12bP-~— — • 

15 Malaysia Hid- 10C — 

17 PPahang— — 

80 Petal lag 5*41 — — 

70 SuraelBesiJMl— 

90 T*4ongl5o_ 

75 n rate SMI 


kb - 


ZOlc — 
ZCXi 


ka 


06*1 — 


ki - - - 


T-5 Js050q - t 


k2 


kl — I - I ~ 


QCdZZ 


peed- 


Q4d 3.7 1 1.7 


kl" 02^731 


oadu 


1+3 I o015du 


Olid: 


k3 -A- - 


Q5d31 


1+7 


Miscellaneous 


13 


43 


♦ 

M 38 T 4f> 


30 Angto-Dterion 

. 3 pCoto Res Cora— — 

|U5 te.Mwck.lDc 

24 tEimn ltd. IrlOp 

70 irremridi Res 

[165 pHlteteReo— _ 
£2DU £13b Homes*** UrfngS- 

ier, 150 pMcFlriejItalLrte- 
70 pMutt Explorations- 
28 pHew Sabina Res CJ1. 

200 NorUteeCSl. 

513 ITZ 

kniS Da 9bpcla ^5-2000 J 


QUc 16.4 15 

+4 T-j- - 


k5 I WB0dO7| t 

-i 

1 | trtJZi 28 
&— — 
wQlOc - 

JaftBdOal t 

'- 3| =[ = [ = 
QbOq 44 [1D3 


THIRD MARKET 


OVERSEAS TRADERS 


1986 « 


48 [Afrtosi Lakes- 

20 Sousteadlftt— 

123 [MlingtniCtal — -i 

T5 FmtuLbmesl 

3b Bn* Pactftc Iri.— - 
£A7 CN Greet Nflriflc £10 
fiH'nS.CrOS.D 1 

lotteape Q 
Lonrbo- — 
iteco Invests. 

taanWtaaZDp— 
p3fao.Zort.10p — 

Da-A'WVMp 

Da 9pcCvLa TH0B 

1 REA HUgs. — — — — i 
I Sm* Darftr M505 — 

i SteBras.--; 

. Tcrer tons. 209-— 

I Da 8*2 ?c to H 20pJ 


1+1 


kz 


L5j 28 

152 22 
4J5 15 
0033c 67 
12% * 
2DXI ID 
1815 ID 
12X L7 
■2D — 
fhZi 28 
fci 82 
63 B3 
IAA3 62 
09% - 
2D 13 
QBe L4 
♦160 23 
05 4 
8VU- 



020J 


I ^ 


iPw 


25 


1 25 


N0TE5 


♦MJ 


plantations 

Ll — I nw M s 

Rubbers,, Palm OH 

SHSSSC 


ICvrlOrb 


43 te. Ptonb H505 - J 
24 tote (teal Up -—j 
54 Rirriswlii.PLiSl-i 

33 HtgMtesMSOc-— 

34 Kuala Kepsog MSI - 
36 Stare Etara to. lflp 


Teas 




HO 

F15 


£21 

215 

McLeod Rossri □ - — 

335 

725 

390 


£Mb 


698 1 


ks 


69! 2 A 
012, L4 

7 Q . 75 — 
020c L6 
IvQISc U 
vQ15c 8 
HsLQ 28 


9J 39 15 
40X 26 27 
662 43 26 
64% 113 4.7 
200 4.0 18 
2LHL5 43 


inmnul. prices and net tavktert a re In p ence te 
oniattaBs ere 25p. Esdmawd prteterang* rate amt caven m e tort 

JS^fljS^^ewralariattd on < Arn^ 

rttei'm "dr Astitantao. toren are 

■to ommxnca gram «Nte ^ te wttearttote 

ereectte praftateri to Inctate temated exteri 
yjS^btewrate|tes.»re^^^oACTri29tot^ 

art aita* for rah* of deriared tfistrtmwm te rigBs. 

HlSitetori rated (to have been teste m anew (or rite 


MINES 
Central Rami 


t tamtam st_ — . 

± iMerln sloce rtaJoeeri passed or daterea 

♦ Tax-free to omw estoems ae awatoMai. 

v NofSwaBrUK SS*oeiBiigs penrin ^ wri er 

♦ USM;oet fetal on Swck Exchange art corapte not sritfectea to same 
regret of regulation as lUed secrrillea 

IJ Dean In under Rule 5SS13>. 

} ^^^te^tepmteritetoraereorerretoesta 

pnmnt dMdend or forecatL 

♦ Merger bM or remraantsatioii In pragriBL 

t Bametomcrertred final andtar '***?[ J? ? l ? umwL^xax Sl 1 .. rnT 

7 Foretedrtdteeovre«nm-rawtoe^toraitotemm«te 

j Qmer allows for conrertoo id dans not now raafctag lor dMdereB re 
rawnig only lor restricted dMdeod. 

I * Carer do “ “ 


a 3m 

1 222 East Hart Pip. 81 


w 


Finance, Land, etc 

1 MS 


Price: 




AMS3 


75b 1- 

moM -b 


CWMHeriia-— 

Odn A East In 5050. 

CSyaCoBLlmC: 
to Cap. (£11— 
^iTnreqnMte- 

assfaq 

tolOOWarrants— 

Dal20Warnte- 

Bond Assets TstTSp. 


“ 1 Srtrt 

475 [ 78 — 

19 Abacolnvs. 

207 Afatagwonii 
127 UtkeoHonw— , 

16 ftu triyawried Miw^ 

66 AntntaBaaaMte- 
TO Da 5cc Can Prf £1 
31 Ai«lejr«— - 

67 loel Trust lftp- 
25 P ActHe rahfcl.--, 

65b AudxintJ to. ZDp — 

109 Berkeley GMt&Co_ 

111 ariectaotooteZc- 

125 Britain**. — 

■ 115 SrtaadiAlTiiw—— — - 
Da9peCv9M000 - E177 


ICbrlGrtlM 


kl 


ku 


|057§i: 


kl 


k2 - - Li 


k5 


jal Brtt ACoram. Up— i 
11 estate Ytm.Cp.5pJ 
[196 todtorlra — — - 
15 teewayTraftlOp 
240 PCJjJto 

2Z3 aoseBr— — , 

UO FCoera.Fm.Sem.5pJ, 
mbDrtcon(WJ£GUl 

235 FEdlrifrtfdte5p-J 

EkcoIrlUp 

Ex Lards lft* — — . 

Feransnn 18 lOp 

♦nweehlOo- 
tranilngua Grp 
iron Gram — -- — . 
; T. Ihwgweri lp— | 
pOtn Oriental UUO-l 


390 kS 


£4. 


1 16 


H ktetaurAJartRamJ 
106 WestRaedRl 


ERGQR050 

irootvte25c 

KtoressRl 

Leslie 65c—— 
Itataevale R025 

pMatter B Grid Htog*— 


Far West 

105 Sssfcrrtl ROJO- 
437 Uoamfooteln Rl- 
706 BriefotatinRl-j- — . 
270 itaKbrort Wd.20c — | 

87 EhburaRl 

180 Hariebaea Uc __ — . 
305 KMGflMR02S— -J 

624 JHoonRl 

£15bSo-ihvaJi50c 

284 Sullbtaehi 50c — 

E31b Vori Reefs 50c — 

228 vewtersposi R1 ._ 

124 Western Areas RL 
, QSbriteJfitpDMpH- 
30 IZaretarUc. 


wax!* n 


. Z5cl — 2 8 

"S3S 

Q 6 U ♦ HI 


piini r l ?Flgto* ^ 


L6 73 

& U5 Srt ritew- * " 

“ 22J gtel i wSB mH teSto 8 Ata rttetart dtete 




W18»; 


14 168 
38 » 

15 88 
2.9 9.7 
14 9J 
8 61 

18 4.4 

16 B8 
L9 72 

19 118 
« 83 
♦ 155 

. t 115 
16 128 
58 46 
4 6.9 
1 18 85 


Uwraes for 1987. PF igrees bared 

on pnnpectus'or iter rifidal esttoaes to 1«7. 8G t» SFontet 
anartited totted, rarer red pie breed oo pragma* re taker drtd 
i, T Ftores assrenei W Pro Inrma florets. Z DMdeod taulta tale. 

I; cm scrip ha*; *■ n 'Hfe n *■ all; ■ « 


REGIONAL & IRISH STOCKS 

Tt* foltoring Is a selection ot Regional and Irish stocks, dm latter bring 
In Irish currency. 


, mi hw20p_ 

Cralg A Rote El 
FWwPIOjP. 
: Hoh(Jtal25p_, 
luM Stm. El — 


74 

nsb 1 

67 

B77 

as 


1+5 


Fk. 134697412 

Arnetts 

CPIHMgs — 

Carr 


DobUnGas.. 

HaHdL&H.) 

IRISH . HritnnHIdBS. 

Fund U V4> 1968 -1 CT7»« | Irish Ropes- 

NaL 9\% B4I89 _ .1 £954*1 I UoMarf 


£102 b[ 
348 


68 

+2 

133 

11M11 

ID 


108 

+2b 

32 

+2 

183 


SB 

+57 


7 . *- •- * 


* - • V V: + . V -. %- -- • -w - V 








3 


i 


,» -< 


i 

A 


i 


m ’"i 


r r - ■ 











Financial Times Wednesday March 11 1987 


LONDON STOCKJEXCHANGE 


Account Dealing Dates 
Option 

'First Declare- Last Account 
Dealings turns Dealings Day 


Renewed interest rate hopes take Government bonds 


Bracken Mines, VlaWhntein, 
and Hartebeest were all lower at 
the close of the martetafd minor 
M ins elsewhere reflected no 
than technical situation*. 


Mar 5 Mar 6 Mar 16 
Mar 13 Mar 2 0 Mar 30 
Apr 2 Apr 3 Apr 13 


'New time riaatinps may take place 
from “3-O^iwi two business days earlier. 


The US securities markets took 
a second look at the half-point 
cuts in bank base rates announced 
o Monday, and decided that 


lhrther reductions could not be 
long delayed. Government bonds 
surged ahead by lVs points at the 
long end. putting a prospective 
premium of around % on the new 
£lbn tap stock, which opens for 
trading this morning (Wednesday). 
With sterling only slightly easier, 
despite the base rate cuts, 
equities were more cautious, but 
quickly recouped early falls, and 
were moving higher in the second 
half of the season. 

Consumer stocks took the lead, 
featured by another sharp rise in 
GUS “A" shares. Food retailers 
came alight behind a £151 m bid 
for Hillards {Tom Tesco, the High 

Street supe marketeer. 

"Quality buying” was reported 
throughout the range of leading 
stocks. British Airways moved 
higher on substantia) demand and 
there were gains in major stocks 
ranging from Plessey to GBN and 
Ffcons. 

A firm opening on Wall Street 
helped the internationals at the 
close. The FT-SE 100 index ended 
14.0 higher at 1987.7. and the FT 
ordinary index added 10.2 to 
1588.4. 

An increasingly significant fac- 
tor in the market has been the 
City's growing conviction that the 
strength of sterling reflects 
deeper improvements in the UK 
economy < and not merely the 
hopes of lower interest rates. 

Demand for UK gilts was run- 
ning strongly at the close, with 
both domestic and overseas 
houses pushing yields below the 
prospective level for today's new 
tap stock — itself regarded as an 
attempt to damp the market down 
ahead of the Budget 

By the close, the seasoned SV« 
per cent Treasuries, the market 
equivalent to the new issue, stood 
at £97, which the market read as a 
pointer to a ’Mi premium on the 
new stock. 

Marketeers face a “tricky open- 


land- The latter touched 320p 
before closing 8 better on balance 
at 3l8p; UK and Shanghai fell 6 to 
80Vzp. Mercury International, a 
dull market since publication last, 
week of the terms of its Mercury 
Asset Management notation, ral- 
lied 4 to 355 p. Hill Samuel lost 8 at 
450p and Morgan Grenfell relin- 
quished 2 at 383p; the latter’s pre- 
liminary figures are scheduled for 
next Wednesday. 

Legal and General moved up 8 to 
313p as BZW upgraded their pro- 
fits forecasts for the group in the 
wake of the bonus increases 
announced on Monday. Pearl and 
Son Life, both rumoured of late to 
be possible T5B bid targets, made 
progress with the former closing 
11 dearer at 346p and the latter 6 
higher at 980p. Composite Insur- 
ance regained composure with 
GKE closing 32 better at 905p. 
'Among recently-issued equities, 
British Airways gave a strong 
performance reflecting traded 
option activity and closed 7Vk 
higher at 120p- Elsewhere, USM- 
quoted Regina Health continued 
to attract buyers and gained 4 
more to 38p; the placing price was 

20p. 

A moderate two-way business 
left leading Breweries showing 
minor changes on balance but 


and equity sectors higher 


FINANCIAL TIMES STOCK INDICES 


CweflMxntSfcs. 


Fixed Intern 


OnSnatyV. 


U1Z4 1,3263 


Z986Q7 

Since Compilation 

High 

LOW 

High 

LOW 

94.51 

8039 

127.4 

4908' 

O8W061 

(200/86) 

(9/1/35) 

(372/75) 

97 JM 

1 8655 

105.4 

5053 

(7/7/86) 

osnm 

(28/21/47) 

(3/1/75) 

1.6135 

1 L094-3 

1.6135 

494 

Q13K7) 

04006) 

owm 

(26/6/40) 

346.7 

185.7 

734.7 

435 

(S3«71 

(18/7/86) 

05/2183} 

(26/10/71) 


In the diamond sector; Do Beers 

, buying in front of today’s interim ping ™ £*?!*& 

U /ww results boosted A. & J- BfacJdow 9 which we market. The stock 

flrl tol35p. Phoenix Property rose 10 good ta “J* at mid- 

llV'l to l?Op in a restricted market eased from ^ 

Centrovinclal, up Z7 on Monday session before rallying w 
following a bid approach, gained around urn- 
reaction of 24 to 6S7p in WelseJey. 10 m0r e to Z70p. St Modwen put on Tr-a/fori OntiODS 
Interest revived in Pentland, op 25 t0 35Vfep; the company lntirou wjn* 

st 845p, after the announcement revea ied excellent annual results. in the Traded Option 

that its associate Heebok has week. . market increased considerably 

agreed to purchase Avia Group - investments, shortly to ,u e total number of deals 

International of the US For 5180m. c j, ange its name to Tyndall Hoi- V improving from Monday’s 
Avia designs, develops and mar- dings, jumped 30to 395p following meacre 38.061 to 73,750 yesterday, 
kets athletic and casual footwear, paucity on the agreed effer for ^iTromnrised of 57,822 calls and 
Parker Knoll, still reflecting Tyndall -Guardian, a Bermuda- 1 <t 1M l X arranged. British Air- 

..rirf.fKM, nith tha Bn mini . ' _ n._j , 


satisfaction with the annual based ofihbore fund management which have been rather 

results, jmproved 11 Ihrther jo London Merchant Secur- ^appointing since the sparkling 


509p. J- Hewitt ran back 18 to _2fl2p were favoured at 76p, up 4, d ehuton Ffcbnmiy 11, revived 

to front of today’s JrtjPJiS but Oceana Consolidated dropped as 11,030 calls were 

FiOlinrtZ hilt I TIM VffildinSS WSr© n fiD« aAaw BUWHfev a _ : I ’ *aa_i 


Ord. Dt»_ Yield 

Eandn® VW.SMMO 

P/E Ratio tiwt) (*) 

SEAQ Bargains (5 pm) 
Equity Turnover (£m) — 

Eqalty Bargains 

Shares Traded (mi) ~ — 


139 3.71 3jM 333 331 

L59 8jM 8.4a 8. 46 &42 

127 14.19 14.46 14.49 1426 

183 53,342 5Z.723 52,949 52,461 

— 1^5962 1337.58 1.93B.98 3,47130 

— 64428 66342 68325 49,090 

— 615.4 6925 — 5483 


S.E. ACTIVITY 


figures, but UDO Hridtogs were 7 to 6?P after disappointing ^^4043 in the April 120s’ 
noteworthy for a gain of 25 at 243p. interim figures. Among Invest- wf lowin the April I10s’— and 
Travel issues displayed a bright meat Trusts, Merchants moved up ^ogn note— LL13 in the April lips’. 
latnre to Owners Abroad which 4 to a high of 154p in response to ar lriKll were also active. 


-7® Gilt Edged Bargains. 
__ Eiju% Bargains — 
„ EuuHjValW 


struck— 4^)43 in the April ISOs’ 
and 12996 in the April HOs’— and 


feature to Owners Abroad which 4 to a high of 154p in response to 
rose 4V6 to 62t6p in reply to the impressive foil-year results and 


G(Se4e?8a^alns — 1825 

Equity Bargains 4Q03 

Equity Value . - 32303 


good results. forecast of a higuei 

Jaguar made little movement the current period- 


impressive mu-year results mao re—diog 7570 calls-2^Q in the 
forecast of a higher dividend for go£-and 2,401 puts, while 


overall despite the efforts to -- - - - ... 

increase production; the group is prices was murored by the 0» 


steady showing by crude 


nearly 5,000 calls were done in 
Hanson Trust. 


V Opening 

1567.9 


spending over £50m on body majors which showed little altera- 


Traditional Options 


Day's High 1586.7. Day's Law 1567J8 

Basis 100 GmO. Secs 15/10/26, Fixed Int- 1928, Ordinary 1/7/35, Gold Mina 12/9/55. SE ActMty 1974, *N 11 -13.74. 


dlMCUlUIJ UUC* UUUA A 10m ajmmw — _ > 

Industries fell 6 to 590p while support ahead of today a annual 
endeavouring to find a trading results and finned 4 to 18^wiule 


level after the recent sharp rise. Enterprise flnlMd flfe to 232p on 
but USM-listed Spice rose 8 reports of speculative buying. Bri- 


L0ND0N REPORT AND LATEST SHARE INDEX: TEL. 01-246 8026 


forth er to 183p. Increased first- toil were fim at J98P. °P 3 and 
half profits and a confident state- Tncentrol added 4 to 87Vfep. IC Gas 


selected Regional* made prog- „ 

ress. GreenaU Whitley went Part Centra jumped^ to3l3p on 


Part Centres jumped 43 to 313p on Among the Engineering leaders, 
news of the surprise bid from GKN, scheduled to reveal pre- 


higher, responding to a flurry of WnnlBMirth 7 al ggop liminary figures today, took a turn 

b^nglatoonMonday andclosed SSSSffi, ? h^r. whJ?h for SSbeterSd closed 15 dearer 
uuiDtadlnuined s recently held discussions with at 346p. APV advanced 17 to 674p 
S5*SSff*»milS ft cS Brewery Woolworth, retreated 0 to 255p on on news that the company has won 
Mntto^d thTmvlou fading hopes of an offer from that acceptances of just over 38 per 

to end P l?deS/S3S3D »urce. Publicity given to a L. Mes- cent from shareholders of Baker 
seJ circular helped Freemans rise Perkins and has extended the 
..■?"* 7 to 474p. Martin Ford hardened a final closing date of its offer to 

March 23. profiHaldng after the 

W «5 e -* S j P *hL rl5 news of the sale of the business preliminary figures left Thomas 

cS^SL IS ‘BSH’Syg of Sil®, to Grant LbUtoto 12 lower at «BP. while 

Sti'TllKlS.nSE'JhlSS Seward, a tobsidiary of Lee diaaepolehag __ aneu_ S __r«uta 


new shares at 95p per share, fell Auctions, snghUj 
back on profit-taking to close 25 but some other Di 
lower at 90p. Cleggs, still reflec- higher. Appleya 
dug the good results, gained 11 Vb more to 250p anc 
more to 320p. . ence added S at 

International stocks presented reco mmen dation 


ment failed to ignite British Car dipped 15 to 707p as Gulf 
Auctions, slightly easier at 218p, Resources reduced its holding 


but some other Distributors edged from 11 per cent to 6.4 per cent; 
higher. Appleyard improved 9 Tractobel is tendering 710p per 


more to 250p and Glanfleld Lawr- share for 30 per cent of 1C Gas., 
ence added 5 at 128p while a Press Traded option activity aided BrU- 


h steadier appearance. Glaxo small support of Evans Halsha ii 1 , 
improved a little to close & better 212p. _ 


touched off ish Gas, up 2 at 804<ip, after 82p. 


at £15,', and Beeeham finished a 


al***# Lonrho remained at the slightly 
easier level of 282 p after late news 


laide Steamship or Australia had 
sold its stake in the company and 
(he close was 28 higher at 74lp. 
Other leading Buildings showed 
little alteration although Harley 
attracted late support and added 
3V4 to 147fep. BMC drifted off to 
close 7 cheaper at 799p. Else- 
where, Persimmon, still refeltcing 
the good preliminary figures, 
gained 14Vfc to 381p, while Feder- 
ated Bousing touched 203p on the 
impressive annual results prior to 
closing unchanged at2Q0p. Sharpe 
and Fisher, annual results due 


Cooper. 5 better at 433p. Body Shop prompted a reaction of 8 to 77 P in 


reflected revived demand in a Woodhonse 


restricted market and jumped 67 Tyxack eased a couple of pence 
to 678p, while Etara added 9 at alter acquisition news and the 


shade dearer at 556p. Wellcome, Mead Vickers, built up steam on ^ had issued a writ against 
the subject of persistent profit- good annual Profits and the the three Fayed brothers claiming 
taking in the previous trading ges- board s view that there was plenty substantial damages, 
sion, staged a rally and dosed A of „ 1°?, The slide in gold shares con- 

higher at 475p. Boots, in contrast, ward to. AJHV settled 30 up at 330p . tinned in London yesterday, 
fell 11 to 313p following an unin- but other companies info e sect or though once again there was no 
spiring meeting with analysts. Btayed ^puL Among Fapemfrin- gr ^ &t pressure. The FT 


• First dealings 
March 2 

• Last dealings 

March 13: . .. . .. 

• (awl declaration 
/one 11 

• For SetQement 
June 22 

For rate mdicatiotu see end of 
Unit Trust Service 
Stocks, dealt In for .the call 
included Riley Leisure, Chrysalis, 
Kcmnare, Property Trust, Newman 
Industries, NatWest M,- 
Mitchell Cette, Parian, Blackwood 
Hedge, Humberside, Eagle Treat, ' 
London Securities, Beaux, Dares 
Estates, . Barham Group. Chloride, 
Sears, . ' Greenwich Resources, 
Barton Group, 3VE1, United ' 
Guarantee, Christy Hunt, Hawtin, 
Brent Walker, 'British Btaual, 
Rotaprint and Scottish and 


Elsewhere, btr, scheduled to ^,1 ® Gold shares index shed aforther Newcastle. Fobel were dealt In for 

7.4 to ,322.4 as most of . the pr<K Uie pal. wifle daabl, options 


iff SSoS^.“^7tomT,Sii: ^2010^^^^ 


247 p and Alexon put on 6 at 255p. placing of some L7m shares at traded firmly at342p, up 7; pretax Crown TV .Vredncta dropped 8 to ducer ground on lack 

Profit-taWng in the wake of the 64p. crews House, bought recently profits estimates range from 6Qp following the downward rew- ^ KUDDor # 
interim figures left Miller and on Coloroll bid hopes, reacted 10 £460m to £480m. Among secondary sion of last year’s earnings per 

a a » n.« n«a, 10 off at 280p. while to 233p but speculative demand miscellaneous Industrials, Nor- share figure from 5.4p to 2.6p some wbamsu« unifiuc 

Pentos gave up 5 to 115p following left 600 Group 15 to the good at eras featured a farther gain 18 at six weeks after the results were iKMJHWa vuLumc 

the preliminary figures. Among 131p- 382p on bid hopes following the announced. ^ . _ , 

Shoe concerns, Lambert Howarth The Food Retailing sector acquisition by Williams Holdings The Property leaders. Tit* WlowlnB h based on trading 


were arranged In Property Treat' 
and A»trad. 


miciliu Ufiuin igh IB1UCI unu — __ ; — \ 17 . . 

Saothonse 10 off at 280p. while to 233p but speculative demand 
Pentos gave up 5 to 115p following left 680 Group 15 to the good at 


TRADING VOLUME IN MAJOR STOCKS 


the preliminary figures. Among 131p. 


Shoe concerns, Lambert Howarth 


Retailing 


Property 


sa—Msautsitt TajT & 


&40 am . The authoritjes will then ^ava^B.Uwrup 




. _ ■ , , - « *L* LU as ftUJU auu WIUIUi LI IA7 U1U 

lower yields, or risk letting the d at in a 

market run away. Sa rke , 

Revitalised of late by the pros- _ . ,, 


tore In North of England-based 
Hillards which soared S3 to 313p 
following the surprise unwelcome 


of a 23 per cent stake in the com- unfashionable in the wake of 
pany. Williams Holdings eased 31 MEPCs bid for Oldham Estates, 


afresh to 720p. Low and Bouar, in revived strongly as institutional 


contrast, shed 8 more to 270p buyers returned. Although a 


leaders, Tm ftWowftlB h ftaswl on IraCTng v olume fa r A»tn secnrilte tfeaftUiraoQfa dwSEAQ system 
Qf yesterday until 6 pro. 

Estates Volume Ctelng Cay's Volume Closing Day's 

itutional SbxA 000’s price change' Stock 000's price change 

+2 Ladbnke . 


VAUUiacm UU UIL iurttiwi% uit ouiijii^ om»»v»vwu»w CUUiiabi, OUCU U lUtiic UI •• JUIW LWMK 

ombian System X digital tele- share exchange with cash alterna- following comment on the pre- shade below the best at the close, 


phone exchange contract helped trve offer from Tesco worth some fiminary figures. Revived bid double figure gains ware seen in Assoc. Srff. Foods - 


pect of cheaper money, Discount 
Houses provided an outstanding 
feature yesterday in Union which 
leapt 60 to 888p as brokers L. M es- 
se 1, acting on behalf of a 
rumoured overseas buyer, 
acquired a near- 5 per cent stake 
in the company. Gerrard and 
National were also on Messel’s 
buying list and moved up 14 to 
368 p. Elsewhere, news of Hon- 
gkong and Shanghai’s proposed 
£285m rights issue resurrected 
stories that the far^astern bank 
could once again turn its atten- 
tions on the Royal Bank of Scot- 


mar&ei. plessey move up to 242 before £l51m. The latter, after dipping to 

The prospect of an accleration closing 2 higher at 239p. B1CC, 463p, recovered strongly to close 
in consumer spending if next ^nth annual results scheduled for io higher on balance at 480p. 
Tuesday’s budget does produce Mar ch 25, improved 3 at 329p, but Other Provincial Food Retailers 
the widely expected tax cuts con- Thorn EMI continued to reflect a moved higher In sympathy, Wil- 
tinued to induce strong support of Greenwell Montagu profits Ham Low rising 23 to 589p and 
leading retailers. Marin and downgrading with a fall of 15 at william Morrison advancing 20 to 
Spencer led the way yesterday 625 p. Elsewhere in Electricals, 249p. Normans, also a takeover 
with a rise of 8 to 238p with senli- Lee Refrigeration jumped 17 to favourite, added 24% to 62V«p. 
ment here additionally helped by 280p and Rockweod gained 18 at A5DA-MF1 picked up 2 at 158p. 
Press comment Gussies “A" ggp on speculative buying, while Elsewhere, Hillsdown, a particn- 


hopes left J. Blbby 10 dearer at MEFC, 351p, and Land Securities, 
297p and Pearson 9 to the good at 36Spi Slough Estates, annual 


555p. BBA responded to the results due at the end of the 
annual results with a rise of 13 at month, were a shade dearer at 


BAT 

BET 

B0C 

BPS M$. 


191p, but profit-taking after the 196p, while British Land added 2 btr_£ 
preliminary figures prompted a to 190p. Elsewhere, speculative Banters, 


NEW HIGHS AND LOWS FOR 1986-87 


comment Gussies 


NEW MIENS (158) 

BRITISH FUNDS <3X LOANS (1L <62, PROPERTY 03), SHIPPING (ZL 


gained Vl afresh at £1A while improvements of G and 14 respec- lariy good market of late, eased Americans (i), Canadians fi). textiles hi trusts (is), oils cat 
Dixons put on 4 at 390p and Store- timely were seen in Micravitee, back awaiting today’s annual banks cay, brewers C7L PLANTATIONS (i), MINES (4J. 


house gained 6 at 320p- Burton, 35Vsp, and Eurothenn, 378p. Chlor- 


the US, pat on 6 afresh at 318p. port and ended the session 2 Vi up higher on Monday 


Elsewhere, Charlie Brown Car at 7lVip 


results to close 4 cheaper at 281p. 
Chambers and Fargus, sharply 
higher on Monday following the 


BUILDINGS (15), CHEMICALS (5), 


NEW LOWS («) 


ENGINEERING (B), FOODS (5), OVERSEAS TRADERS (1) ON Grut 
INDUSTRIALS (33), INSURANCE (4), NonDc, THIRD MARKET (1) AIM 


„|S . L„ vn «P CdiiulM «nr 1 In, IHOUSIKIAU imuimnM I-S 

offer by *0 of Sweden for Lira , g[SIWP ^ motors CS), paper iiHumce nmun. 


FT-ACTUARIES INDICES 


LONDON TRADED OPTIONS 


These Indices are the joint compilation of the Financial Times, 
the Institute of Actuaries and the Faculty of Actuaries 


Allied dob* 
1*4001 


EQUITY GROUPS 
& SUB-SECTIONS 


Tuesday March IQ 1987 


Figures in parentheses stow number of 
stocks per section 


1 CAPITAL GOODS (208) 

2 Building Materials <271 

3 Contracting, Construction (2B) — 

4 Electricals U2) 

5 Electronics 138) 

6 Mechanical Engineering (61) — 

8 Metals and Metal Forming (7)~~ 

9 Motors (15) 

10 Other Industrial Materials (20)— 

21 CONSUMER GROUP (186) ___ 

22 Brewers and Distillers (22) 

25 Food Manufacturing (25) 

2b Food Retailing (16) 

27 Heafto and HousetoW Predicts ( 
29 Leisure (31) - 

31 Packaging & Paper (14) 

32 Publishing & Printing (14) 

34 Stores (37) 

35 Textiles (17) 

40 OTHER GROUPS (88) 

41 Agencies (17) 

42 Chemicals (21) 

43 Conglomerates (13) 

45 Shipping and Transport CL1) 

47 Telephone Networks (2) — ... 

48 Miscellaneous (24) 

49 INDUSTRIAL GROUP (482) 

51 Oil & Gas (18) 

59 568 SNARE INDEX (50P)- 

61 FINANCIAL 6RDUP(117) 

62 Banks (8) 

65 Insurance (Life) (9) — — 

66 Insurance (Composite) (7) 

67 Insurance (Brokers) 19) 

68 Merchant Banks (11) — 

69 Property (471 - — - — 

70 Other Financial (26) 

72 Investment Trusts (96) 

81 Mining Finance (2) 

91 Overseas Traders f!2) 

99 ALL-SHARE IHPEX(727) 


FT-SE 200 SHARE INDEX 4 . 


Index 

No. 

** 

Change 

% 

Efl. 

Earnings 
Yield % 
(MaxJ 

Gras 
Dri. 
Yield % 
(ACTat 
29%) 

Efl. 

P/E 

Ratio 

(Net) 

85859 

+Oj4 

734 

342 

17.02 

1036.76 

— 

754 

345 

1636 

1485.70 

+03 

6.72 

347 

20.41 

204153 

+03 

738 

334 

1759 

195945 

-03 

759 

3 70 

1730 

473.70 

+03 

8.49 

355 

1534 

44959 

+04 

306 

332 

15.07 

32953 

+1A 

837 

323 

1 13.77 

148UQ 

+15 

602 

339 

1934 

1178.72 

+05 

620 

2.70 

2074 

1104^5 

+05 

7.74 

344 

1625 

87250 

-03 

7*8 

329 

1741 

2130.07 

+03 

5.92 

230 

23.45 

2319.93 

+0.9 

440 

135 

2852 

1186.90 

+04 

638 

354 

2037 

59250 

-02 

5.97 

233 

21.76 

350250 

+U4 

5*o 

326 

1 2249 

104163 

+13 

645 

231 

22.09 

65544 

-02 

7.97 

340 

1434 

965.72 

+05 

847 

339 

1548 

1352.72 

-0.4 

435 

133 

2941 

122650 

+04 

855 

358 

1548 

130557 

+12 

6.71 

35S 

1733 

1967.46 

+22 

632 

4.04 

17.76 

969J9 

SMJL9 

934 

3.97 

1 1444 

1290.97 

+03 

939 

326 

i 12-00 


+05 

7.04 

r 332 

17.99 

67834 

+0.7 

9.91 

552 

12.75 

+13 


428 


724.03 

+02 

1827 

528 

752 

974.03 

+12 



3.98 


54150 

+23 



459 


1171.73 

+03 

822 

452 

1532 

36842 

-03 

_ 

342 


88559 

+13 

532 

353 

2432 

439.99 

+4L4 

732 

338 

1737 

96852 

+02 


233 


37359 

-05 

820 

430 

i 1454 



929 

5 38 

1 U34 

Index 

No. 

Oafs 

Change 

Day’s 

High 

3*^0 

Dai's 

Low 

March 

9 

1987.7 

I+M3 i 

1987.9 

1965.7 

1973.7 


Mon 

Fri 

Thur Yew 

Hard) 

Man* 

March . ago 

9 

6 

5 LjffPtaJ 

Index 

Index 

Index Index 

No. 

No. 

No. to. 


Bril. Airways 

claw 


British Gas 
(*B1> 


22? 27b 
Wa 19*i 


2J6 85530 86L84 86ZS2 705.16 
0.72 103642 1042J3 104234 75334 
268 148L28 148036 147542 109538 
139 20352)2 202334 2022.41 191435 
1041 196246 1984.91 198L63 1743.73 
1-04 47243 477 JS 48050 39348 
0.00 44932 45242 44932 31857 
038 325.12 32857 33030 27638 
2M 146022 146830 147066 1266.% 
251 117320 1182.93 1183.11 86933 
355 109835 1110.74 109359 8664)6 
221 874.62 88851 88953 62844 
955 212350 214434 212420 187356 
028 229958 236321 237955 1454.74 
826 118552 1190.98 119721 892.73 
056 593.79 60051 60724 439.97 
341 349857 349730 350638 220540 
125 103125 101534 101635 83084 
017 65629 67229 67653 50359 
3.78 95787 971.91 97889 844J6 
383 1358.16 136658 137389 08 

15.74 122158 124010 1259.97 93749 
280 128946 130027 130354 08 

080 192584 196837 195082 162882 
129 96L43 972.40 97727 104020 
323 12812 130343 132S86 99320, 

581 671.76 68024 1*032 578.07 
1284 72245 73886 73787 S6259 
080 96281 96448 96858 906J8 
282 52656 53733 534.94 47658 
1335 116422 U9254 120330 128639 
0.02 36935 37744 37822 34656 
096 873.75 87238 87331 72942 
186 438.02 436,03 43S43| 33537, 
486 96653 97225 97353 70938 
189 37547 38628 38658 27645 
1084 882.74 89687 894.74 679.90, 
442 98381 99336 99525 77685, 


650 155 
700 105 
750 65 
800 30 


Cons. GoH 
(*80B> 


CourwMs 

(‘383) 


Con. Union 
(*318) 


CaMe 6 Wire 
(*3491 


330 - 

350 17 

360 - 


Grand 

(■492) 


Land Securities 
(*364) 


Marti A Speo. 
("234) 


Shell Trans. 
(*1150) 


1000 153 
UK0 103 
1100 6 ? 
1150 35 


Trabrigv Home 
(-3341 


WOotmrth 

1*799) 


70 8> 2 11< 

80 3 2 

90 M 2 

100 Oh — 

TOU 115 135 

750 70 90 

800 35 55 


ll'j 14 
Sh 7 


FIXED INTEREST 


AVERAGE GROSS 
REDEMPTION YIELDS 


PRICE 

INDICES 


British Gaveren 

1 5 years. 

2 5-15 years — 

3 Omr 15 years. 


Jr AH flocks 

Index -Linked 

6 5 years. 

7 Over 5 years 

8 All stocks 


Tae 

Man* 

10 

Oafs 

change 

% 

Mon 

March 

9 

xd ad), 
today 

xd atfj. 
1987 
to date 

British Gsvammwt 

1 La. s yon. 

2 Coupons is rears. 

12355 

14233 

15030 

16643 

13858 

+028 

+030 

+142 

+030 

+039 

12320 

14121 

148.94 

165.47 

15733 

— 

1.79 

239 

230 

132 

258 

4 Medium 5 rears 

5 Coupons 15 years. 

8 Cteperts 15 rears._ 

9 25 years. 

10 Irredeemables 

11941 

12059 

12047 

+039 

+040 

+040 

11930 

12035 

12021 

049 

826 

033 

038 

036 

Index-Linker) 

11 Infel'n rate 5% 5m. 

12 Inflat'n rale 5% OserSyrs 

13 Inflafn rate 10% 5rri 

14 Inflat'd rate 10 % Over 5 res 

15 DefasA 5 yaw 

12353 

8545 

+034 

+047 

12338 

85.02 

— 

157 

038 

J* Urn 15 years.... 

V 25 rears...: 

IS Prm(*r***» 


Tue 

Mo 

j Year 

Math 

M*c* 

ago 

10 

9 

Urmil) 

851 

859 

8,90 

9.10 

922 

939 

942 

924 

940 

950 

9.44 

9.96 

929 

933 

1 938 

929 

933 

926 

957 

953 

me 

934 

956 

935 

927 

936 

959 

939 

953 

949 . 

256 

230 

1 Y 

456 

331 

332 

3.7S 

0.94 

0.98 

354 

326 

326 

330 , 

1038 

1041 

1033 

1023 

1023 

1050 

1044 

1JD2S 

1056 . 

1134 

1136 

ms 


803 150 

8S0 100 
900 SO 
9M 17 


MMand Bk 
(-625) 


Aw- 

1 

Mf 

4 

4 

11 

15 

22 

ZJ 

36 

(Pa 

l*a 

1 

4 


7b 

b 

12b 

0*2 

1 

1 

2b 

<H« 

6 

3 

4 

5 

10 

12 

20 

35 

40 

B 

22 

30 

40 

57 

62 

3 

6 

b 

17 

a 

32 

42 

48 

3 

6 

SO 

14 

21 

24 

48 

50 



15 

16 

— - 

43 

31 

52 

2 

5 

10 

15 

22 

25 

4 

13 

24 

28 

60 

63 

35 

57 

62 

so 

100 

110 

140 

145 

IBS 

189 

1 

6 

9 

17 

30 

36 

2 

3b 

5 

10 

14 

20 

6 

18 

13 

27 

30 

40 

60 

65 

1 

1 

2 

4 

5 

8 

16 

20 

1 

2b 

5Js 

6b 


14b 

24 

— 

4 

12 

IS 

23 

35 

45 

1 

5 

2 

IS 

4 

30 

32 

53 

1 

4 

2 

U 

ID 

22 

26 

3/ 

3 

22 

27 

53 

75 

80 

May 

Aug 

20 

28 

52 

« 

100 

IOO 

8 

13 

IB 

30 

42 

50 

BQ 

90 


Van! Reefs 
(**90) 


CALLS 

PUTS 


Aag. . 

Hot. 

May 

AW- 

Not. 

60 

72 

4 

15 ! 

IS 

92 1 

63 

15 

23 

a 

S7 

45 | 

30 1 

40 1 

40 

20 


52 

55 


83 

_ 

2 1 

5 

_ 

62 

— 

6 

13 

— 

42 

55 

20 

25 

28 

24 

35 

45 i 

50 ■ 

55 

84 


1 

3 

_ 

65 

— 

lb 

*b 

— 

48 

53 

6 

9 

13 

35 

41 

13 

16 

21 

102 



5 

15 



63 

83 

18 

25 

35 

38 

35 

45 

55 

60 

5« 

— 

lb 

4 

— 

40 

46 

7 

10 

15 

28 

36 

15 

20 

26 

20 

28 

a 

32 

40 

105 

. 

10 

14 



77 

974 

28 

37 

| 47 

55 

77 

60 

67 

77 

35 

S3 

KH 

110 

120 

27 



1 

| 3 



2?b 

25 

3 

5b 

! 7 


»b 

7 

11 

12b 

8b 

10b 

14 

17 

18 


Stock 000’S 

4400 
2500 
4500 
750 
1,900 
tfQO 
1,000 
214 
342 
4500 
3,400 
667 

Beechanr 2500 

Blue Clide UOO 

Boots 12800 

BrIL Airways 51,950 

Brit-Aera 1^00 

Brit Gas 8WM0 

Britofl 4,700 

BP 68M 

BrtL Telecom 7200 

— 65 

Burton 5.900 

Cable & Wire ajm 

Cadbury Scfi»ps 3,030 

Coats viyefta . - 754 

Canon- UntOH-^—. 4, TO 

Com. Gold- 635 ' 

Coolanw - ' 347 

Courtatott 1500 

DeeCorpn £800 

Dfamns Grp - 2.900 

English China Clays- Xt 

Fisons 347 

Sen. Accident— - 520 

Gen. Elect 6300 

Glaxo 2300 

Ginhe Investments U& 

Granada — — 1400 

Grand Met 4400 

Gus"A" 1200 

Snanflan R. E — — - 237 

GKN 5TO 

Gufmess 3400 

Hamrnerson Prop— 143 


Stock 

Ladbreke 

Land Securities 

Legal L Gen. 

UvdsSank 

Lnvhn — 

MEPC 

Marks ASpncr 

Midland Bank 

HatWeUBa* 

Pearson 

P&0 

PiTIdnnton Bros - 

Plessey . 


Racal 

RaokOrg 

TOM : 

ReckUACti 

RedtanO : 

Weed laL....- ■- 

Reuters — . — 

RMC : 

RTZ- 

Rowntree Mac - -390. 

^al hrsurance.' **426 


S3* tt 


Hanson Trust 14,000 


Hawker SMd 

HKIsdown Hlgs- 

ICI 

Imp. Coot Gas. 


346 -1 

495 46 

£14 4* 

905 “ 

346 
320 +1 

485 +5 

173 43 

504 

281 -4 

& 

706 

578 


Saalchl & SucM 

Stiasbdry—. 1 

Scott A Newcastle. 
Sears- — — 

Sedgwfclt 

Shell Trans 

Smith & Nephew 

Standard Chart 

Storeho use — .. — 
Son Alliance— — 

T5B_ 

Tarmac—— — — 

Tesco „ .. 

Thorn EMI 

Trafalgar House 
TTwirse Forte— _ 

Unigale 

Unilever 

United Shafts ■ — 
Wellcome - — — . 
Whitbread 'A'—. . 

WiMte Faber 

Wool worth 


VcBume Ckstoq Day's 
000’s price change 

304 429 — 

3^00 366 +12 

2400 313 +8 

42® 492 *3 

442 *281 -1 

32M 351 +11 - 

11800 236' +8 

730 627 +5 

860 602 -2 

565 +9 

630. ' +14 

264 750 - 

5400 239 * +2 

335 893 +6 

2TO 238 -2 

199 653 -3 

747 SIS-' 

68 994 -1 

159 <74 +1 

241 415 +2 

203 669 —4 

86 799 -7 

1,000 714 -5 

390 .497 +2 

zaoo m -m 

426 983 +16 

%800 253 ' +2 ' 

457' 6S2 

482 476 -4 

7B5 246 +2 

4800 142 — 

629 322 +4 

400 Oljt *A 




WOO 

628 

-12 

581 

334 

+2 

X2B0 

Z10 

+2 

456 

376 

-2 

191 

OSH 

-A 

WOO 

264 

-3 

3,700 

475 

+16 

WOO 

338 

-1 

107 

427 

-1 

395 

800 

+7 


RISES AND FALLS YESTERDAY 


Tr. m% 1991 
(’£108) 


British Funds - — „ — 

Corporations, Dominion and Foreign Bonds . 

Industrials — - 

Financial and Properties : 

On* .... , ^ 

Rises 

87 

23 

514 

17B 

37 

Falls 

10 

0 

501 

139 





31 



„ . 39 


Touts _. - — 

913 

853 


TrOlV*. 03ffl7 

(-020) 


§ ? 
Vn 311 


LONDON RECENT ISSUES 


Option 

Beedwa 

(*S5U 


420 135 
460 95 
500 53 
550 15 


LONDON RECENT ISSUES 


Bine Orele 
1*737) 


260 54 

280 34 

300 17 

330 4 

280 63 

300 43 

330 15 i 

360 5»i 

550 187 | 

600 137 

650 87 I 

TOO 37 | 

750 7 


EQUITIES 


De fleers 
(-51053) 


900 165 

950 115 

1000 75 

1050 - 

1100 — 


4 20 

4 30 

20 45 

— 70 

— 100 


Thom EUI 
(-6251 


fOpeuiog Index 19650; 10 am 1972.7; U am 19793; Noon 19862; 1 pm 1983D; 2 pm 19613; 3 pm 1979.8; 330 pm 1977 8,- 4 pm 19803 


Aag 

125 — 

90 — 

60 78 

40 57 

as 60 

27 37 

IS 23 


Tresihase Forte 
(*2091 


1350 170 

1400 120 

1450 75 . 

1500 40 I 

1550 23 

1600 10 I 

1650 5 | 

135 39 

150 24 

165 9>e 

180 a 

240 42 

260 22 

280 S 

300 a 

130 - 

140 — 

160 — 

390 90 

420 ' 60 
460 20 

500 3 

500 128 

530 78 

600 28 

650 6 

180 29 

200 10 

220 2 



87 65 

325 Z7Z 

63 37 

3*4 1191a KM 

27/3 132 127 

203 133 123 

- 136 133 

Z7Q 91 80 

BM 350 315 

130 120 

146 135 

in 101 

142 127 

102 97 

38 27 

152 120 

106 97 

101 97 

177 148 

220 211 

183 148 

191 170 


FIXED INTEREST STOCKS 


Xhl - 
16 - 


taw 

Price 

MMOBt 

Paid 

UM 

Rwnc 

198 

W87 

£ 

BP 

Date 

Hhpi 

LM 

8 

nU 

2 m 

12ta 

ttpdl 

n 

F.P. 

— 

Mb» 

13bp 

#100 

£50 

1» 

54 

«b 

— 

F.P. 

— 

UVi 

100 

— 

F.P. 

— 

100 

100 

497377 

F.P. 

w- 

102b 

BWb 


(Me. +» 
S 


,^,gW«7W Cw. tte.Uv. S005I06 12SM TT* 
- ■ — ‘ Ww +16 


_ 10*1% EWi. 7/3/88. 

s Core 10»a» Dr6 2016^. 


UXPi — . 
uo J 


“RIGHTS’* OFFERS 


tone 

AStHB 

Paid 

Law 

Reane 

19869 


Oting 

170 

te 

rra 

Dn 

3N 

Wgh Low 

95 p* 40on, 

Bwgeis Prewas 

P 

BOpm 


May I Jun, I Mar. j Apr. I Mar I Jun. 


t Flatyleli Highs and Jowsrererdt base Mes, values**) enstitoem changes are pubfetied Is Satuniar issues. A new list or constituents 
is available hum the Publishers, the Financial Times, Bracken House, Cannon street, London EC4P 


Brie Tetocon 
(*2471 


CtiwMwrao 

(*242) 


SE 167S 318 335 — — 1 2 — 

1700 293 310 — _ 1 2 — 

172) 1750 243 26Z — _ X 3 — 

1800 195 217 234 — 2 7 IS 

1850 145 17S 192 - 2L 14 Z7 

1900 100 135 153 — 10 25 38 , 

1950 60 100 117 140 25 40 SS | 

2000 35 68 K 110 50 67 00 

2050 IS 45 65 90 87 98 108 

Itareh 10. TbuI Cortrads 73,750. c Ms 57,622, Pm 16028 
FT-SE laden CaHi 914 Pbu L404‘URd^tog ucaritj price. 


and riWd tiier io^ tea? 

Oher official rstiranw far 1986T7. m Uimm “ T *w«w aw yteat 


IS — 

27 — 

38 - 

55 70 

80 90 

20B 220 


utter Bfffcw estimates. 


sfcapitaHtau«.» naciagpnce.M Ktiwoducrt. n meed tocournkn «■>(■ 




.^r 


V < 

itf: f 

'.H • 


W p> 

■iir , 

: ■ ; 


>-■ ■? 

' ft 

.«V.- a 
*>< — 




: ,i t-7 - 


eeC 4 
Sr* 1 ' 




i? ■-- »*■ 

is::* 

r: 

iir - 
& - ■ 

M/U . 

to «‘ ,J - 

IS*!' 


i-rrri'i • 
K'*:- 

- s.: r- 
Cl - 
B* 

KiU U-*. 

— i' 

r r -s 

>. 3 .. • 
•CSZ~ 
:xi-r - - 

. 

tr-s 

•TjZ.V- 

7e:z~>. 

A— .. 

•cnii-ir. 


tzri'i rj rt 
-u: r. 

«ttv. 


0\IR- 


(aSSUICK] 


I != 

tzr 

’■Vs 

Vr. 

I T? 


3 , 

>5 ? ~ r 1 

>s ' 


Si’’ *•' : 

^ .‘ : : 

-5-n ■ 

i 

■a#- *■ - / 


1 & >Lv ? 


r ‘- i 


: S -■ 

fe-* .. :i 


' 1 
§ 4 7 ■ 

v ’(*■ 

* 


i ^ 




iQjyj 











.«* n i non 




riT . S a tt V^,.y _p*v ~r ;. 






--• y ' * : -. ?■ — wa tttl.TSwB^ W-J -i- 


^nancial Times Wednesday March II 1987 0? 


WORLD STOCK MARKETS 



[► i^TJTTTTTi |i 1 1' ■ [ # V 


Seek Sria Mgfc lnr Lao Chqj 

CH«« 

MbOoi 7501402 73* 87, 7*,+ 1» 

RcfwM 900 lot 173, 177, -V a, 

HlgaNa 1.10 Q 174 331* 323, 33+1* 

Rom* 40 47 11 10% HI*, - % 

RoadOwl.10 20 487 371, 37 371* 

RoeUCS 172100 10 15% 15% + * 

RgrCbA 1971 14 139, 1S%- % 

Fto90Bs.UK 9*152 21% 20% 203, 

RossStr 2130 7 % 73, 73,+ 1* 

Room .70 00*170 34 331*04 

Ryarf* 479071U30*! 291, 30% + 7, 


S*6a IVtalM D*a 


sa 8y 

SB • 

SHL By* 
SKFABl.tts 

8PW> joo 

SMCM* 

Safsafe JB4 

SstaCO 170 

SUodos 

StPnuJ*176 

Sm)C{H 

Brick 

SinMs 

SriMus 

Scxwftj 

SconTr* 


s s 

251551 20% 25% 
227 25% 25 
231 207, 20% 
10 683* 563* 
28 0 21 20% 
<139 32% 31% 
<21109 48% 47 
81118 58% SS 

21 559 21% 20% 
151030 61% 50% 
73 73Su12% 11% 

23 778 15 14% 

22 182 22% 221* 

80 395 6% 0 

.191010 8% 8% 

18 322 12% 11% 
231 64 18% 18% 

18 64 33% 33 

2110088 37 38 

24 179 22% 22 

25 54 49 40 

95 197 17% 17 

11 17 241* 24 

786 13 12% 

2740 «% 61* 

13 204 11% 11% 
292(77 37% 30% 

10 679 597, « 
21 206 «% 18% 
331115 29% 291* 

12 131 14% 14 

32 993 44% 43% 

130078 13% 12% 
23 37 12% 12% 

11 684 10% 9% 

9 6 13% 13% 

281590019% 18% 
16 164 27% 26% 
10 933 33% 32% 

10 111 94 23% 

15 321 14% 14 

19 193 46% 45% 

11 22 13 13 

1370 11% 10 

11 938 23% 23% 
254470 0% 0% 

111291 39% 99 
321481 23 21% 

IS IS 9% 9% 

38 86 7% 7% 

61 436 10% 9% 

19 28 41% 40% 

813172 78% 18% 
SO 909 40 48% 

104B39 32% 31% 
6 14% 14% 


26 + % 
25% + % 
20 %+ % 
56 %+ % 
20% -1 
32%+ % 
48% 1-1% 
58% 

21 + % 
51% - % 
1 »% + % 
14%+ % 
22*,~ % 

Si+ % 
8 % + % 
12% +1 
«%- % 
33** — % 

»7+ 4 
22% 

49 + % 
17%+ % 
94% + % 
12% 

6 %+ % 
11 %+ % 
36% - % 
53% If 

■£?+ * 
28% 

14 - % 
44% +r* 
« - % 
12%+ 1* 
10 %+ % 

»%+% 

23% — % 
M% + % 
40**.+ % 
13 + % 
11 + % 
23%+ % 
0% + % 
39 %+ % 

223* + 1% 

!={ 
1*4-% 
32 + % 

M%- *4 


StrwbCI .93 

Sirykor 

SluOSa 

Suborns 98 

SuflHn .« 

SwnMS .78 

Sumtffi .18 

SuaCH 

SunGrd 

SunMJe 

SyrnbT 

Symbfle 

Synoor 

Syntsc* 

SyUrto 

Bran .18 

TC8Y* 

TCP 

TSJnd 

7S0 

Tcndnm 

TMog 

T«cua&20a 

Tefcrwd 

Taieo 

TlcmAs 

TCmrt 

TolPlua 

Taken* -2* 

Tatabs 

TtfanOti 

Tannant M 

Thrmds 

3Com 

TopUkt 

TrakAu 

TmMus 

Trmacfc 

TrBBar 

TririSy 

Trfmod 

TrutJo -58 

Tartcp 128 

TuaaMn 

20Cnfa» JO 

Tj*oiy 

Tysooa J» 


USUC 28 

im. 

Ungm 

Unul 

Unimad 

UnFed-lOa 

(JnNaU 132 

KnPWr.K* 

UaWam 

UACma j0* 

UBWaah 

uacot 1.00 
UCxroBIM 
WSyOa 109 
imcori .so 
URraCt.80 
UMKr 


11 68 22% 22% 29%+ % 
503733u36% 3*4 35 - % 

15 177 43*4 42% 49% 

29 TOO 40 39% 39% - % 

■M 220 9 0% *|- % 

UT460 21% 81 21% - *4 

W « 19% 19*4 19»a+ % 

14 944 28% 98 26% + % 

40 507 6% 8% 6% — % 
21 172215-10 213-18 0,+t-l 

271 20 19% 20 

407341032*4 29% 39% +2% 
32 255 23 22% 22% 

061 4% 4% 4% 

27 009 71, 6% 7 + % 

58 9 0% 0 + % 

12 878 10% 9% *,+ % 

» 7 20 25% 36 

T T 

41 1189 Wj IS 18% + % 
5 375 15% 147, « - % 

70 16 25% 29% 25% + % 
151055 15% 14% 16% + % 
4296B2u73% 70% TP, -7% 
71480 3% 3% 3% 

1* 3 128% 126% 128% -1% 

2*6412 17*4 10% 17%+ % 

*60 V, «%«%-% 

442010 32% 32 32% - % 

0 45% 46 45 - 7, 

4039 S% 6% 6% 

40 871 38% 37 3*4 + % 

arras 16% 10 18% + % 

27 290 a 22% 23 

18 259 30% 30*4 30%-% 

732 15% 15% 15%+ % 
381804 23% 211* 23% +2% 

16 338 23% 23% 23% 

487 8 14% 14 K 

79 42 3 27% 27% 

49 13 18% 10 18 - % 

a 600 12% 12% 12%+ % 

30 204 14 


12 %+ % 


2*46 u 19% 18% 19% +1% 

18 30 37 30% 3B% — % 

11 183 32% 32% 32% 

13 US 18% W% 10% +2 
W 617 23% 23 23% - % 

U 245 9 87, 9 + % 

24 079 31% 30 30%+ % 

U U 

10 54 27 28% 27 + % 

*8f T a Si 5 

17 801 13 12% U7, — % 

887 8% 77, 0%+ % 

5 277 23% 23% 23%+ % 

13 30 351* 347, 34»,+ % 

IS 318 37% 37 37%+ % 

28 14 47% 47% 47% 
101633 23% 23*4 28% — % 

12 13 39% 38% 38% - % 

12 419 23% 23*4 23% + % 

11 108 29*4 28% 29*4+ % 
17 33 26% 2*4 28%+ % 

7X54 19% 18% 19««- % 

11 4 30% 28% 29%+ % 

21 1539 8% 8% 8%+ % 


S*d> 

Sri* 

High lad tW C%* 





IM* 

217 

23 

2Z% 

22% — % 

UtriSvra .72 

8 317 

28% 

26 

28% — % 

1 US Bo -80*1 817 

29% 

28% 

2*4+ % 

| US tOC .10 (93025 

13% 

»*% 

13 + % 

1 US Sur .40 22 502 

M% 

3 

26% — % 

USTrfc .00 

104 

9 

S%- % 

US Tr» 

I 14 394 

40% 

3»* 

40%+t 

USaXj J24 

20 905 

18% 

18 


UnTetev 

42 280 

81% 

30% 

31% 1 

UV«8* t04 

11 918 

83% 

32% 

33%+ % 

Lbwfrn 

UmMUS* 

» 80 1 
122891 

“St 

37% 38% + % 
7% 7%+ %, 

UPSSfc .40 

7 188 

* 

«% 
Y V 

15% 

r 

j 

VBand 

35 380 

30% 

23% 

30** 

vta 

4391 

15% 

15% 

15»,+ % 

VM tea 

45 712 

3<% 

34% 

34% 

VaBAfl 

288403 

i% 

1% 

5%+ % 

VaiFSL 

8 528 

“St 

32*, 

3S%+2% 

VaJM# 1.44 

91232 

43 

«%- % 

Ventrw 

883 

3 

2% 

3 

Vtaxp 

186 

13% 

13% 

13% - % 

vtewNa 

11x382 

W% 


1B% 

VlWno 

18 104 

2«% 

24 

84*1+ *4 

Vlpora 

11B499 

15*2 


15%+ % 

Vlrailta 

121 TO24 44 

40% 

43% +2% 

Vodav* 

03 

4*1 

4% 

4*1 “ % 

VoWrt 

IB 

28% 

28% 

26% 

Vofw 1179 

702 

49% 

4*, 

48**+ % 


w w 


WO 40 132a 

27 2711*2% 

41% 

42%+ % 

mean -40 

13 303 

22% 

22 

22% 

WshS 1.84 

W 232 

2S% 

2W* 

2S%- % 

WFSL 102 

9 355 

4*** 

43% 

43% 

WMSSa .48 

52415 

38% 

33% 

34% -2*. 

WatrtQ.16o 

15 20 

20% 

2«% 

20% 

Wanritf-Ote 

18 334 20% 


20 

WausP .48 

13 74 

38 

38 


IS 107 

29% 

29% 

29% + % 

troiTWr 

S 204 

22% 

21% 

22 

wncaa 

a 230 

17% 

St 

171,+ % 

WstFSL 

8 577 

22% 

22% 

wamPt> 

14 828 

15% 

15% 

15% 

WITTA 

12 353 

18 

17% 

17% - % 

VWnofC .00 

14 83 

21% 

21 

21%+ % 

WslwOn 

SB 452 

371* 

38% 

37 + % 

wtram 104 

22 232 

45 

44% 

44%+ % 

wt* 

S3S 

2% 

2% 

Sl+VS 

WVyM 1.19 

18 112U40 

38% 

40+1% 

Wfljrraal.oe 

SO 340(100 

a% 

60% 

WVIAL 

18 922 

20% 

»% 

20%+ % 

WltroTa .72 

18 575 

32 

31% 

31%+ % 

HStonF 

1333 

*0% 

J0% 


Wlndmf 

18 172 

8% 


WOW 

BBS 

20% 

19% 

2d* 

Wonho»-» 

202219 

20*, 

i£ 

20% - % 

Wyman JO 

1424 

21% 

21%+ % 

Wyaa 

201115 

2»l 

2H% 

28% + % 


X 

Y 

z 


XLOata 

47 57u27 

26 

27 +1 

XOMA 

1147 U28 

23 

25%+1 

Xlcw 

3215 

12% 

11% 

11% - % 

Mete* 

331744 

M% 

U 

«%- % 

Xrmn 

29 78 

K% 

w* 

14%+ % 

YKwfti X2 

142116 

33 % 

3S« 

33*| + 1- 

ZsbNU JO 

171809 

23% 

22% 

2Z*a - % 

ZJonm 1.44 

13 20 

45% 

44% 

4*% - % 

Zandvn 

32 88 

26% 

26** 

26>* 



XMM. 


Neb 


jm 

+ 26% 

28V* 

+ *a 

48V* 

+ » 

ri 2848 

+ V» 

64% 

+ 86 


••Saturday March 7; Japan Nlfckai 21.123.1. T5E 1,817.28. 

Baas nIm of a* tadlnaa ara 100 axeape Bnisasls SB— 1. oca JSC Gold — 
25S.7. J6E Industrial— 264 J. tad Australia. All Ordinary sad Mania— 800: 
NYSE AB romnton fift Standard and Poors Me and Toronto ConpoaiM and 
Mania— 1.000. Toronto ladle* basad 1975 and Moeiraal Portfolio 4/1/83. 
t Excluding bondo. 1 400 Indnatriato Pina 40 UUBtiet. 40 Haandal and 20 
Tmnapona. c Ctoaad. a Unaasfeblo. 


WOH - Hu Active Stocks 
Tuosfcy. March 10, 1987 


TnM Nea ■Dir 
BSJka 88%, +2 CsUi&Wbs. 
51 J* 128 +TA BriLTdacn . 

MJ* 175 + 3 Gas. Bad _ 

12JM 313 -II BP 

113* 230 4-8 Bn* 


TnM Mm ob Day 
U> 358 +18 

12m 248 +1 

Ua 2» - 

EJha 799 + 6 

5J* 318 + B 


LNTL. COMPANY NEWS 


markets Bermuda re-msurer 
named * owes at least $43m’ 


Chief price Changes 

T UNDOn (jnpanceuntess otherwise indicted) 

Br Airways 120 +7% 

RISES: Br Car Paris 313 +43 

_ toLtnc 126%*+ W* Gerrard&Nat - 368 +14 

Treas.l2%pc-- ^ + „ GRE 905 +32 

^uvStanT- 330 +30 313 +93 

AbMVicirere jgl +13 Land Secs 368 +12 

n^atS-r* ~~ 395 +M lW(Wm.) 589 +23 


MEPC 

Mks&Spncr^_ 

P. & 0. De£d. __ 
Peatlandlnds — 

r Pisiyfiffww — 

600 Group 

Onion Disc 

Young Brew, A- 


351 +11 
236 +8 
249 +20 
135+9 
630 +14 
645 +25 
381 +24% 
131 +15 
888 +60 
353 +13 


FALLS: 

Boots 313 —11 

CrownTVProds 60—8 
HK& Shanghai 80H - 6 

ICGas • 706 -16 

Low& Bonar — 270 — 6 

Oceana Cons. — 66-7 

Wolseley - — 660 -31 

Woodh&Hiss-. 77—8 


Supermarkets 
bidder named 
as Haft family 

By Our Financ ial Staff 

THE wealthy Haft family, which 

last year made almost SlOOm on an 

abortive takeover bid for Safeway 
Stores, has been confirmed as the 
unsolicited $L6bn ladder for Super- 
markets General, the east coast TO 
store chain. 

On Monday, Supermarkets said it 
had received a proposal to acquire 
the company at S4L75 a share. The 
bidder was at first unidentified but 
was strongly rumoured to be die 
Hafts' family controlled Dart 
Gimp. 

It was later revealed that Mr Her- 
bert Haft . Dart's chairman, pro* 
posed merging his c ompan y with 
Supermarkets in a letter to toe 
group last Friday. 

Mr Haft said his after was more 
than an 85 per cent premium over 
the price Supermarkets shares 
have traded at within the last three 
months. It was also approximately 
25 times its estimated 1986 earnings 
and more than 3K tones book value. 

Supermarkets* shares jumped by 
$6% to £41% at Monday’s dose but 
in early trading yesterday were 
quoted at 540%, down Vk. 

While Dartfs offer was described 
by Supermarkets as 'an unsolicited 
proposal," the Haft family said they 
had met Supermarkets' manage- 
ment cm several occasions during 1 
toe past few weeks. i 


BY ROGER SCOTTON M BERMUDA 


CAMBRIDGE Reinsurance, toe 
failed Bermuda-based sufcsk&oty of 
Canadian trading group National 
Sea Products, owes unsecured cre- 
ditors at least 543m, says a report 
by the company's liquidators. 

The report puts the company's as- 
sets at about $2L8m - about SlOm 
lower n**r* an *"M*i estimate in 
May 1985 after Cambridge became 
insolvent and was ordered to be 
wound up at the request of the Brit- 
ish colony's authorities. Creditors 
inrimte about 500 brokers and In- 
surance companies, mostly from 
North Ame ric a. 

Cambridge was set up in the mid- 
60s to re-insnre fishing trawlers 
owned by National Sea Products 
whkh sells frozen seafoods in Can- 
ada and parts of toe US. 


Cambridge late 1 developed into a 
commercial market reinsurer, un- 
derwriting an fatgmatinnal portfol- 
io of propert y and casualty busi- 
ness. It ceased underwriting in 
April 1984 and was ordered into Hq- 
mdation a year later. 

The liquidators’ g *ti m a fa» for un- 
secured creditors includes a S35m 
provision for reported losses and a 
further S8m for re-insurance bal- 
ances flu* to brokers *»d other in- 
termediaries in the 05 and Europe 
which riuHiwaflarfi bnsiness to Cast- 
bridge. 

Hie report says Ifre latest assess- 
ment of Cambridge’s Bwawiai posi- 
tion does not faring** provision for 
future dahns. These were origi- 
nally estimated at 5305m but have 
not been updated in the latest re- 
view. 



INTERNATIONAL 
PROPERTY REVIEW 

THE FT EVERY FRIDAY 


Get your News 
early 
in Koln 



wzm 


Sie erhalten die 
Financial Times im 
Abonnement durch 
Boten zugestellt. 

NSheres erfahren Sie von 

Financial Times. 

Europe Ltd. 
GuioOettstrafie 54 
6000 Frankfurt/Main 1 
Telefon 069/7598-0 
Tfclex 4 16 193 




























































































































































38 


Financial Ernes Wednesday Iferch 11 1987 


NEW YORK STOCK EXCHANGE COMPOSITE CLOSING PRICES 


34% 21% APT 


Ch'ga 

ft Sta One Pm. 

Dnr. W. i IfflfcHgb 1 m (femaOne 
JO 16 23 122 3 fit 31% 31% + % 

.83 27 30 490 ii3*a 3?* 34% + % 


40% IBS* ACS 
15 6% AMCA 

9% 4% AM 


AR» S .128 J 11 222 38% 37% 38% 

ACS 23 06 39% 38% 39% 

AMCA 1 81; Pj Pj 


9% 4% AM fntf 

62% 47% AMR 
27% 34% AMR pi 287 10 
13% 8 ARX S 


13% 8 ARX 
49 28% ASA 

17% 90, AVX 
3Z% «% AZP 


W 3810 58% 57% 58% +8, 
2 25% 25% 25% -% 


383 11% 11 H% +% 
1019 477s 46% 47% + », 
95 Iff, 16 10 -% 


63% 36% AHLb 5 .84 
34 25 AccoWdtt 


AcmeC « 
AorwE-32b 


237, iau AdaE* 3.43 b 
19% 11% AdmMs .24 


172 &6 10 1001 317, 31% 31% -% 

B4 1.4 27 3707 62 61% 81% +% 

[ 19 21 48 32% 32% 32% "% 

D 30 2S 358 13% 12% 13% + % 

b A3 25 5 7% 7% 7% -% 

Ss 15. 178 22% 22 22*1 -% 


(2 Heat 
High um 

18% 9% 
43 28 

73% 44% 

is r% 

34% 29% 
52% 41% 
85% 15% 
*% 55 ? 

50% 22% 
40% 29 
407, 31% 
24% 14% 

12% ft 


Qg* 
One Pm. 


Sack Iff. 14 E lObMgh 1 m Qae* One « Nigh Uw 
BnMm 313312% 12% 12% + % 

BhA pf33Se 17 51 34% 34 3«% + % 

BWV pi fa 10. 1 58% 58% 88% — % 

BkA pflfl# 87 9% 9% 9% 

BkARM.40 7.7 14 48 3P, 31% 31% ~% 

BfATr9l.E8 35 B 3719 48 47% 48 +% 

Banner .06 4 14 847 24% 23 23% + % 

Barely nl. 489 45 98 11 3Z% 32% 32% -% 

Bard 9 .40 .8 28 1005 481a 487, 48% +1% 

BamGp 1 25 * 5 40% 40% 40% -% 

Bamet s-BQ 11 13 1140 37% 36 37% +1% 

BarvW.fiO 34 22 194 17% 17% 17% +% 

BASIX .141 1.7 242 8% 8% 8% -% 

Bated* 88 18 20 343 48% 481, 49 +7, 

BtufCTr .44 1.8 13 xX572S 24% 24% +% 

B*tT plAlsasU >148548% 47% 471, 

BxfT 0(83.50 42 *287 83% 87% S3 -% 


s> s? it ra s. si s,d ft 


207, t2% AdvSys.ea 
321, 127, AMO 


10% 5% 
20 131 


S', Adobe 

137, Adob pt 1.84 97 

18% Adob pf 240 11. 
11% AdvsM.129 ,9 
53 AetnU 276 4.1 

51% Add. puttie 54 
217. AflfPb B .32 .6 


287, 187. Ahmnas .88 
S% 27, Alteon 


1315 81 191, «% 19 -% 

10 17 610 «ff% 79% *ft ff* 
2540 217, 21 21% + % 

74 87, 8% 8*1 + 9 

87 22 19% 10 10 “% 

11. 16 21% 21 21% , 

,9 10 517 127, 117, «% +7, 

4.1 11 5848 «r e 65% 68% +% 

54 10 517, 51% 5P# -% 

.6 27 185 u49% 48% 49% + % , 

13 8 4580 28% 2ft 38% +% , 


48% 29% AnPrda .80 
3S% 16 AttbFrt .60 


156 3% 3% 3% “% 

18377 1199 45f, 44% -*57* +% 


11% 7% Almas n 
20% 17% Alrtse n49e 15 

17-32 % AlMoan 
28 25% AlaP pf 1.02 b 7.0 

IIP, S'* AlaP dpi 87 84 
108% 35 AlaP pf 9 87 
tOB 97 AlaP pf 8.44 80 
277. Ml, AlakAIr .16 .8 

25 13% AJbrto s .24 1.1 


IBM 4«3 31% 3CF, 31% -% 

43 10% 10 10 -% 

15 55 10% IW* 19% — % 1 

32 1332 13-32 1 >3Z-1-t 

7.S 225 28% 28% 26% +% 

84 13 10% 10% 10% 

87 ISO 103% 103% HB% 

80 HOD 105% ID®, 1£S% -% , 

.8 18 1289 261, 25% 237, + % 


23% 13% AlbCuWW 

50’, 32% WWnnS .96 


39% 27% Alcan 
51 37 AlcaSK* 28 


42% 34% AlaxAlx ] 

49 34% Alexdr 


24 1.1 SI 13 2Z% 22% S% 

1.2 27 52 20% 20 M -% 

9 10 16 373 49% 48% 487, -% 

.80 12 17 3502 371;, 36% 37 -% 

! 25 18 390 51 30% 51 +% 

38 27 1015 28% 281, 28% +% 

128 IS 43 42% 43 

120 88 85% 85% 


88 65% AflegCp 120 88 85% BS% 

251, U% AlgM 1122S«% 24% 24% +% 

19% ffi Algln pr 730 16% 19% 19% 

S3'. 39 Algl pfC 1987 88% B3% 86 +% 

$y t 36ij AIKjPw£92 8711 *298243% 42% 43% -% 

271, I4ij AHenG .56 3.1 208 18% 18% Iff, + % 

28% 20% Allen pf!75 7 6 580 23% 23 23% +% 

45% 317, AlldPd 14 238 41% 41% 41% 

49% 38% AhSgnitofa 17 15 4178 48% 47% 48% -% 

1QU 6% AHdSup 33 137 10 9% 9% -% 

6>. 2% AlltsCb 442 2% 2% 2% 

4®, ZSi, AHsC Bf 32 31 30% 30% +% 


26% 15% 
50i, 44% 
86% 59% 
3314 a 
29 20% 

26% 15% 
441, 31 
15 B% 
85% 36% 
1'g M2 
47% 341, 
48% 3<1, 
77 56% 

31% 247, 
27% 16% 

48 34% 

62% 48% 
36 21% 

79% 44% 
62 44 

38 34% 

31 19% 

6% 3% 

54% 131, 
17% ft 

»% ia 

29 22% 

24% IV, 

s* a 

55 35% 

S? ft 

i 

tXPi ST 


One Piet I 12 Mad! 


QilUE lOOtHgb Lm fax Obi tM && 


gfl, 

ft St ChMFM. -12M 

Oh. W. E IM flam One H* (** 


Barnet a -80 11 

BaryWWO 14 
BASK .141 1.7 

Bated* .86 1.8 

BfudTr .44 1.8 

BxfT ptAlsaaU 

Bxfr pfsaao 42 


9.7 51 34% 34 341, +% ttt «% ll 

Itt 1 58% 58% 56% -% 103% » O* 

07 go. cn. ot, 97 81 ij Cwc pt oM *4 

7.7 14 48 31% 3fl, S’ n 1 M d IS 17 

IS 8 3719 48 47% 4$ +% S *L S£ SItm 

J 14 847 341, 23 23% + 7 » 8*% 72% Cw£ fir 7.2* 80 

43 98 11 38% 32% 32% -% ^ 1} 

.8 28 1003 481, 467, 48% +1% «ft 8% ' ”■ 

15*5 40%«J%40%-1, S 2 ®? S^‘ a 2* 14 

11 13 114037% 36 37% +1% 3£* 5S* 22®. M 1,4 


B 1 14 24% 24% 24% -% 

It. *420 ItHi ttt% Jt1% 

12 230 102% 1021: 102% - 1 

18 2100 95% 95% 85% 

10L 8 28% 277, 28 

87 2309096% 96% 96% +1 

60 Z100A37, 837, 63% -% 

7.1 9 30 38% 38% 38% -% 

11 39 17S 9% 9 9% 

1511 530 


-% I 41% 217, FefHPB -70 17 29 808 u48*, 40% «% + Rtf 2T% 13% HoaFab.48 


24% 17% FetfOiatOS « 19 St & 23% » '% SB 

I 24% 17 nSOri JO Si 17 101 82% 22% 22% -% it 

100% 70% FedD&aOB 18 * GOB 95i< 94% 95% +% 39 

52 31 Parra 13Z ZS 15 94 u52% 01% ft's ~% s. 


or* „ u 

M ft Ste Go* ft**. 

Z* sack Ok W. E 108* »6* l** “«* Qbs ' !T 

13% HoaFab.48 M 19 2® ^ 2S* 25 10% 

39% HWJftoB.86 MU W ®L +11 » «J% 

82 Holffl p*2S 52 7 118 U7% 117% lB ^ 

29% HoebidUO 10 f 1 % +1, 3« 

4 tfceOttaa ft *» S% ^ 3. 


Off, 

m, St ttW ft** 

Urn Stt* DHW.E iBk^* l ? t * ma ** 

i «s Si 10% 5 .lift 


43 237, ndens M 19 17 409 38 _ ’ 35% Mi +% tt% 7% Ho*tCpJ2 11. . M W% JJU Jf* .. ^ 11% Manbjna* 

20% 11% FBtffc a .44 16 IT 22 18% * tt -% SJ »% H0«y -« 21 17 1*7 19 Jft » +> |S 7% 

17% 67, FkiCpA 4 *039% 8% 9% +%*%«% .HdghTUJB. .7 ..894711% ? «% 15% MantCrtt 

43 30 RnC pt8.17e 92 17 34% 3*% 3J, +% 3CP, . 20% Hugb^-40. 1-513 41 |7 28% V ^ • 277, MaflpwSS 

77% 70% R*8«r 4 09 M% 14 If, -% «% tt% HfffWni-TB MET 2934» »% +% 41 i“ Mfrfhfl 

4«% 31% H«Fd M 1012 2085*1% 40 «% ■*% 36% »% Hm»«« ■«* 16 13 39 27 +% 3?* .55* Mtrtl p»4. 

38>« 21% man 1 1835 187036% 39% 38% .04% 32 HuoeF'JB 23 - 1587 38% ® . 3f% “Jf fflS. 48 MW* P* 3 - 


5% +% 


10 5 *® 

«J% 10 MR " 

*% W M7»* »■" 

18% 8 MCMUA 

3% 13-ttMW Gp 
387* M*snt8^2 


35% 11% Compaq 
26% 15% Compgr;60 


1.4 20 1*134% 

Conijaq " 29 9582 SCf, 39, 3Z% -f 38>« 21% Pbwto 1 

CefW« 2-7 55 24 2Z% 22% S%+% 5«, CT% pt 4 

CnmaS 32 272 3W, 38% 391, -% 34% 23 Ft»A filSO 

CaitmK 28 4» 51% it 01% +% 62% 41 PBostn 1 

CmTSa.Ce J 28 SB 15% 15% £% ~% &> 9 

Cpivcn 400 20% 20% 20% — % 347, 20% WOftClS) 

ConAgB -58 1-7 28 *35 33% 32% 33% +% 9% * 

ComE 1.68 Sill tt 281, 28 » -% 35 1»4 WT* pttB 

CWWGS7.30 M 14 38 21% 20% 21 -% »% W, TOTx 

Conrac.«3b 21 16 1854 u20% W% 18% “% 9% RCIty 

Consocn 11 385 *% IP, *1, -% 42% Si TO a t 

ConsEdSB 6i II 3881 40% 44% 45 9% 8% ffnfV att 

ConE pf4.es 72 12870047, 6*% B«, -% 67% 5®, glfett lW 

Cone pi 3 7.8 4 63% 63% 63% — % Vt -Sa 14 

CnaFrts .82 24 15 1805 34% 33% 337, -% 10% 87, FWPb 


337, 34 
33% 34% - 
3W, 3Z% + 


437, 18% CmpAsa 
54 29% CompSc 

Iff, 11% CmTrta.05 


BsyFM -20 .8 45 8 25 25 25 -% 

BaySGalU 5.0 12 52 u2ffi 28% 29 +% 

BMlSt.48b 24» 1094 20% 20 3J% +% 

Bearing 1 27 75 181 37% 36% 37% +7, 

BMW -20 1.4 938 14% 14% 14% 

BoctOk .74 1.1 23 751 65% 85 65 

vjfiekar 238 % 7-16 W-32 + V 


231, in’, Cpfvsn 
34 23% ConAga -50 

277. 22 ComE 1.68 


34% 17% CmwGsiS) 
*% 12% Conran 40b 


vtBetar 

BelHwt .62 1.S 

BetHwpt.74 1.8 
BeQAtlaieO 81 
BCE g 240 
BeWnd X2 1.3 
BeOSoBiaO 55 
BeloAH JO 11 
Semis .72 12 

BsnfCp 2 13 

Banal pff.30 81 
Benef pQL50 83 


. 7-16 1WB + V3 68 

1.5 14 RES 42% 41 42% * £4% 

1.8 11 427, 42 42 -1 

ilia 3964 71% 70% 7W% 4% » 

8 1103 31% 30*4 31 + 1 , 

1.3 43 81 2*% 241j 24% +% 

55 12 7205 40% 3S», SW# -% £ 


17% 10% Conaacn 
5?, 40 ConsEciaa 


17% 10% FHCBar 
44% 31% nraFd -40 


S «* +ihr* s 


K fcrtJO 


30», 32% +A 38>, 21% PTTOSto 1 18 35 1670 36% 3ff, 36% 04% 32 HudEF J8 

22% - 22% +% 54% 5T% HAd pf 4a 78 1 S2% 62% S2% -% 44% 32% Hydraf 10S 

39% M% -% 34% 23 FtaWstJO 4.410 1502 h3S 34 34% *H 

51 01% +% 0% 41 PBostn I 10 10 1157 5D% 49 »%+%•- _ -j 

15% -% 5ft 9 FCapHd 28 1768 28% S% 2S% -% ” ® l 1 "* T 

2D? 20% -% 847, 20% PatCWciiO 47 7 884 32% 317, 32 +% Jf 4 ^ > 

32% 33% +% 9% 3 PWTo 327 *7, ft s% , » fi ■ ii ■ 

28 2b - % 35 IS, FBT* p<3.83e 2A 4 19% 19% _ % ^n* m* MAh> 

»7, 21 -? 33% Ml, PBT* pH3So 2tt 7 ^ JS 

w% *% -% 9% .4«* netty « «i e% vt 8% +% ® !L : Spr3 

16% Iff, -% 42% 32 TO s 188 41 10 290 41% 3, 41% +% !S» El ^ T 


IS 11« 10B » - 1 P B 15 il? 

635 I3V » ^3% 

262 1% ' 1% 1% ' - 
14 23 *6 58% 5Pg 58% +% 

il . 80 W, l£t W* .. w? 1?% MiSlitn2» s* 4 7%* P +ft 

s 1 *. ft s, ft l -l 1 ai ek-' - » S , 3*-S sj-1 
£hS ft a g rss ■ «?■ | « § a 

a” ftsi.3 -l £ -s r s f £ ^ 

4613 38 43% 4ft 43% -% ®* «• « g J* . 3,-3% -% 


III stk 

„ 16 2868 3ft 30% 80% 8f, 

144 918 22 38 -147, 14% M% ~% 


14 VlMmrtBf. 
3S% . MAPCO 1 
*2- 


1 17 -299 63% 62% E% +% 


50 338 2. 


-U 27% 21% e JM IJWTJta 147 27 

_2 20% 18% . BUln 1J8 83. 8 .-IS 

' 1M- m rtlU DO 19 99ft . X 


BL822 38 Itf, 1A :TW«t ^ SKSSiu 40 7 « 51 /» + 1 * 

. ^ 5788191, *% W% +%}56% .4f, 2» BO% 50% 5ffl* “ 


*% W4 +% 158%. 447, Mamttwn S w% 50% Sffl, 

IQ tola Qttl ?«5 S>? »> 59% +1 




K, 41% +% 


137, IRT 


S3 1 , Cone pt466 71 
54 Cone p> 9 7.8 


1.8 374 ft ft 9 

468 2037 98% 57% 58 +% 

2i 18 3«0 ft 9% ft -% 

348 230310% 10% 10% | 


108* 76% ITT ptK 4 17 7" 107 107 W ; 78% 90 . MrMlfttMW 

100% 74 I1T • pfO 510 3 100 8ft W, +% 14% ft MW«fW . 

83 04 ‘ ITT - ptma» 17 7- 8ft 81%. 8ft +7,- 4ft 3ft MarTM 1 

110% 80 ITT - pH -A50 41 S 109% ttB%.1W%-% 38 - 23% Maaeo* -98 

177, 12 RI - hit -60 15 10 974 17% 1ft 17% +% 50% 33% MaaCp lW 

30% Z3% fctaboPI.80 8.0 14 -237 27% 27% 27% 14% 11% 

8 .1% IdealB 551 3- .. .ft .3 .+ %. 135% 70% MBtsMEi4e 

32 2ft UPOWT1B4 8l»7 917 2ft 29% 2B% 15% 7% HMtW 

23% 20 IIPow pf!04 U 120034 .. 2J% .24 +% n% g% MauLon.55e 

45% 37 HP8W ptt-78 45 178 44% 44% 44% -S, 201, ft MxOi) 

48 39 BPow pt 4 88 .5 46% 40 tt% -% 49 32% MayDSal.04 


107 W 107 


9.5 12 7205 40*, 
1121 159 60% 
12 18 80 33% 

83 980 01% 


60% +% | £ 


80 33% 33% 331, 

980 01% 60% 01% +% 

1 52% S2% 501, -% 

*200 30 29 30 +1'. 


n rnnPrf<v » 14 15 1805 34% 3ft 3ft -% 10% ft RrtPa 340 238010% «r, 10% J: 

23% CnsNCsi.50 4-0 18 280 377, 37% 37% + % 271, *% FUntO aWB 5.8 tt W ^4 25% 2Sj* „ 

II CnSun 39 9® 14% M 14% — % 37% 271, RViBh t 10 12 227 337, 33% 33% % „* ■ 

ft CoraPW 24 1395 1ft 17% 17% 46? 35% RWMM10 16 13 484 o46% «% « -f-% " 

c^pf8A50 14 *230 48 47% 48 +% 33 22% RWbtiSt UN (1 Zft ZS% 2S, +% S .ft 

Sf? cn* SoT45 13 *165080% 80 80 +% SO 54% FWtoc p»2S 11 *100 57 57 57 £. ® 

B* Sp pCt!m « 1110 82 82 82 f**#* « JS* . 4S% ® 

aft cnP piV4.40 A 1108 32f, 32 32% -% 37 1ft Fttctib 31 21% 21% 2ft — % S* _ 

57 Sp wUIGO 11 170 31 * 30*4 3ft 10% 10% FWfWJJSa 4 -37 tt_ 1ft .tft -% S 


(B% CftP pO7.40 13 
63 CnP plCT.TS 85 


3ft CnP prVA40 U. 

27 CnP prUS-GO 12 

27 CnP prT3.78 11 


zllQ 82 82 82 1C 

1108 32*, 32 32% -% 37 

170 31 30% 3ft tt 


*0 106% 108% 100% 


Si £% 2ft 2ft -% £* * 
st « tft .ift -% 1 2, ® 


BmwqttJBs 19 10 0 3ft 30% 3ft 


EkmgtB 23 142 5% ft 5% I *” 

Betfeay 228 ff, 0% 5% I 3t 

BeUPd J34 2JS 1055 ft 9% ft I 

BethSfl 4951 7% m* 7% +% I ® 

Bamstpt 04 20% 1ft 20% +1 

BethS pfB 491 1ft 9% 1ft +1 

Boertya 30 1.1 22 2075177, 17% 17% 

BevlP nllSe 14 14 1262 2ft 22% 22% -% 

Biocft 46 507 2ff, 1&% tft -I 

BtachO -40 11 39 2670 19% W IT, - % 

BlkHC «11D 50 W W4 22% 27% 22 -% 


841, 64 CnP ptK7 68 9.3 

31% 28 CnP PTP3-80 11 

3ft 27% CnP prNlSS 11 

2ft IS S 4 CnP prMISO ft7 

2S 17f, CnP prt-2-23 11 

32i, 28% CnP pfS*02 11 


28% 301. -1, I 8ft 441, FttFnG 1.60 £6 12 239 u6T% 6ft 60% +% J-.J& » {J" 


a-rw- 

'fi A. SSTi ■»5aa.®;3ii 


.9 20 1«47® 2% » . 

7J 28 4ft 48V 481, -% 

R3 94 12% 12% 12% +% 

S 21 251 .lift lift lift 

■* 1022 1ft 1ft 1ft +% 

5,2 57 Ift 10% 

1092 IP* 1ft 1ft -'4 
Z2 20 3797 477, 46% 4ft + T, 


*100082% 82% 82% +% 52% 46 F«F pflQIe 10 10 

15 3Ti 301, 30% +% I 33% 2ft Fhel&Ja Ti 18 1516 


2ft 30 +1,1 45% 31 


12 20% 26% 257, I 157, 1ft Rad pl1.«1 11 20 

535 Sft 2ft 24% +% 3ft 1ft FtghtSI JO .7 21 83 


21 30% 3ft 3ft -% I 48 101, FtoUPI 
710 IP* 2ft 2ft +i,l Sft 38% fWC 


TiTO 1516 29% 29 2ft 
£2 20 001 «4ft 4ft 48% +U 
11 20 1ft 15% 15% -U 

.7 21 2J3 2ft 20% 2 ft 


50% 50% -'« rJS 1 S" ESZ3 


jn 11 23 5B7 u7V Oft 7ft + 
490 24>« 23% 24% + 


10% 1CA 
10% RICO 


lmpCt>174r 13 18 1721 04 • 83% 84 


RICO J20 1-> 
fndfM pfT.T6 84 


602 18% 
2007 is% 


17% 177, +% 1 30 


15% 7% MatM „ ' 
+ % «% ft MauLon-SSo 
-% 20i« 8% Maxam 
- 1 , 49 32% MayOSsl.04 

+% 57% 36 .•uaytagl-BOB 
.+% 32. 22% McOr pR-20. 

*H SO flft MeDr tfZW 


9,9 20 37W T "4 

1021 488 557, 55% - W» +4 
TQ xH 31% 3ft 3P, +% 


BteckD -40 
BJkHCat-SD 


257; m CUP (KK243 90 710 2S> Z Sft 2ft +% Wli 3ft naec M 

35% 27% Cental “LBB 57 11 8380 33% 327, 33% +% 47 3ft HaPfJjl40 

42 emtep 100 50 7 1433 S3 52% 52% +% 34% 23 Ra8U _B 

9% 5 Comm J)4e .7 18 *64 5% 5% 5% -% 7% ft FtoQen 

,8% 407, cram pHTSe ao so 4*,. 4e% 40% » z?* m** ■« 

1016 % CaiHW 101 S-18 9-32 9-32 W, 11% W»T 


“ 55 uZ is? ^ -% 52SfSgS il 

.4 tt B 32%SZ%SZ% SSI Eom 21 S S* S S 

01 11 2925 3ft 3ft 30% . ^ ^ SS5 S a 5 . S* -SS 'SS 


15**- 15% +% lp, t% 
BZ 9R _ flf. 


BlkHR 148 18 28 411 54 


Boeing 140 17 
SoJmC 190 IS 

Bate PK3.50 51 2351 07 ' 667* 67" -%' W( JfB 

BeRBer.10 J 38 273 567, 54% S0i, +l»i J£2 SLi«» 

Bordens 112 10 19 1832 57% Sft 57% +7, 5ft Wopw’-g 

BorgWfl 1 14 18 879 41% 41% *1% +% * r^lL. m 

BormnaZOe 1.0 9 290 20% 19% 20 +% Coopte.40 


17 12 6419 51% 51% 51% +% j 3ft ® 
15 20 SOI 81% 80% 81% +*’: I ft “5 


14 7% CnOnf a 

30% 20 CtOata 

8% ft ConvHld 

1ft iff, CnvHdptl54e H 

71, 1% CookUn 


11 542 12% 121, 12% -% I 1ft 13 


FtwGen 
Rowar 56 


JO 17 Tt ITS ■ 30 
38 825 7% 


S% £* -%|M% .27 
ft 7% +4 ^ » 


. 271, , 27% ..271,. 


21 21 *7 ZH, 2ft 271* +% 


20 -ftdEn 212 82 12 16 3ft 33% 3* -% 37% 207, -McKaatfUB 

507, IngerR 280 &3 17 703 8ft 79% .79% .-% g% IVtt •!»«* 

34% InoR. pr£35 4JB 33 u4»% 49 49 +% 3% S< 

15% |pgrTcc£4 U 29 109 30 29<* 30 +% 7ft 45 

14% tnkJSB J3 « 1377 24 23% 2+ +% ^, 31 

42% MdSt. pMTS 9.2 10 5T% 61 -51% +% asu 50 

10% IftsUcO tt *1 16 B30 247, 24 24% -7, 72% ,1! 

4% IrapRs 537 6% 6 0 -% 32% 29 


443Q 27% 27 


45% 31% AlldPd 
49% 38% AWSeni.BCb 
10% ft AlldSup 


ft 2% AlltsCb 

4®* £S>4 AfisC pt 

471, 321; ALLTL 204 


9% 9% -% 
2% ft 
30% 3ft +% 


321, ALLTL 204 00 17 108 41% 41 41% -% 

32% Alcoa 110 IB 5821 43% 48% 42% -ft 


46 32% Alcoa 

10% (0% Amo* 

2®, 16% AmHes 


1% % 
28', 6% 


AmAflr 
ABfCk B 

ABmd >108 4,2 

ABrd pf275 82 

ABrd pf267 17 


358 238? 18 
1856 2Bf, 
187 I 
1019 2B% 
4.2 18 1013 48% 


17% 177, +% 
201, 28% +% 


7, 15-16 

25% 26% +% 
4ft 49% +% 


254 333, 33% 33% 


29 71% ABIdM .90 

38% 23>, ABusPr 60 


3.7 18 23 24t 
17 16 7 29*. 


icr 68% AmCaiC.00 
53% 34), ACan wi 


10 13 3597 99% S7 


99 aa -4 
23% Ml, +% 
29% 2T, 


91% m ACan pf 3 25 
lift 113 ACan pM3.75 11 
2*3. 2 m ACapBfL20 9.6 


50 4T, 48% +% 

851; BS% BS% -ft 
115 114% 115 +% 

xiu m 9S - V 


35% 29% AC«pC«.aa I 
247, 14% AGMR la 


ACentC 
A Cyan 1.90 


31% 24% AElPw 128 
B0<; 53% AmEapl.44 


10% 11% AFairHs.22 
4ft 34% AGnCp 1.25 


9.6 132 23% 22% 23 -% 

17. 38 35 34% 34% — % 

4.6 14 33 21% 2V% 21% - % 1 

152 4 ft 4 +% 

20 22 629 95% Oft 947, +% , 

7.7 11 2S06 2T, 29% 29% +% 

1i 14 16488701, 77% 79 +21, 


24 IT; AGnl wl 

5ft 51% AGnl ptA404e7.8 

20 18 AHHP n 

4ft 38 /Mbit 1.32 II 9 

1ft 6% AHom 

25% 1ft AHofMpM.BS IS 

947, 71% AHom«134 3.7 13 

101% 74% Amrte s 5 06 11 


1i14 16488TT, 77% 79 +21, 

1.6 11 1007 13% 13% 1ft +% 

29 10 1974 43% 431, 43% +% 

275 20% 20% 20% +% 

7.8 187 52% 52 92% 


187 57% S2 92% 

1B2 1ft 18% 18% -1, 

>1 421; 42% 42% 

24 8% 8 8 

52 201; 20% 20% +% 


25% Ml, 

X 23% 
103 S3 
IT, 10% 
17 15 

39% 23% 
42 31% 

I 1031, • 671, 
10 % 10 % 
13 ft 

334 2a 

54 30% 

44 26 

a 2 
a is 

IT® 

43% 31 

ea% 34% 

30», 25% 
341, tft 
2ft 2(9, 
23% 21% 
Tft 

**.«& 
SOI, 32% 

9% 7% 

19 11% 


405 8% 8% 8% -% I 83% «ft FoMMBlW 
245 13% 13% iff, - % I ift 1ft ROeerl-38 


BormnaZOe 1.0 
BCeft»n.3Se 14 
BoaEd 8178 69 

BosE pf688 68 
BcnE prl-17 11- 
BeaE pri.46 61 
Bomdr ,80 1.9 

BdgSt ISO 4.2 
BftatM 180 18 

BrAir pp 
BiGas pp 
BrilLnd 


20i; 14% Coopvta.40 


31 18 1757 541, 54 54% +%, 

11 16 X u38% 3T, 3ft +% 

13 43 2122 17% 1ft 17% +1 

3 ft ft ft 


Ibid £ SE SE S 5b 5i gsfttitt 11 tt 3 

68 *230 101 iw* ioi -1% 3 


147, 14% Ml, +% 


ft I 53% 21 
19 -% I 18% 14 


W>, 11% Huer 1009 14% u% 1ft I * 

14% 13 Rxxann 127213% dtft TS>* +% I*®? 

66% 44 FooteClaO 1618 34 80% 60% 60% -% 

83% 47% FofdM 82.60 12 7 8766 82>, 81% 82 +% 

16% 141, ROeer1i6 66 49 Tft 15% 15% -% 

60% 427, RHowcn.QB 10 S 613 53% Sft 53% +% 

18% 10% FoMWIi .44 18 20 761 tt% 18 tt -% 

31% 221; Rabro.25e 47 299 27% 26% 26% -% 

15 8% Franc nl.Me 7A- 1024 14% 14 14% +% 

53% 21 FrnMta 2t ,0 23 2231 45% 4ft 43% -1* 

18% 14 FMEP 120 16 137 15% 15 15% 


_T* 40* 16% totoftac U 290 

51 347, IntgR pK2S to. SB 

+2 71% IT* MgR pt 107 


30 1§ mSwII. 00 61 7 MBttfi 

n. «_ McOri art- ■ 2678u -7% ft f ^ V 

tX ft SlScI -30 ao 13 01 . 25, 10 - 21 7 ? 

7ft 5^, ' MdDnts .86 -9 21 2405 77%' 70 77% +% 

9t% 71 ..MCDnQS.32 10 IV S t* 

74% .52% ■ MBG»H108 14 23 1182 W% .«% 75 +T- 

-wju 9SU McSttt a - 9 4. 32U 32 ffi 

SS~‘» ,S552a5ijB 

B% 11.18 272 ft 1% A . 

a- s sssTi* «»8Sfes+i 

4ft -m .-Mwmi'vN-. j. zi Ttt «i ^7 +1_ 

B2% 58 Modmr.« ,10 16 874 88% 8ft 8ft +% 

72% aft ^MeUerr-lTS 60 9 206 6ft 6P, +% 

32% 29 MMonpfl80 . %S . .11 29% W, »% +.V 


14H, B-a . meuro -o 

TV, 5 ft McOnta A 
91% 71 ..MCDnQC.32 
74% 52% UAH18B 
33%-2S% MOnt g 


S44 McLnift 


2ft 27 +% 1 2ft 23% MMIonpHaB. 67 1- 25% 2S% 26% -% 


MUog 1.821 20 9- 441 ft- 6% 

mnm to too tft « 16% +% 1 17 

ttepse 110a 68 52 - 23% . 23% 23% + % 1 41% 

MmCosUO 17 tt 448 . 427, 421, 42% +% 
mbm. ... 504 .47, ..4% .47, lift 


59 10% 10% 10% 

12 16 157, 16 


19 X 3149 042% 39% 42% +3 


12 20 209 38% 37% 37% +% 
18 24 2383 100% 90% 100 -% 


11 18 8572 05% 63% 65% +H|7% 


FMGC -050 .4 42 133 14% 14% 14% -% 


18 24 2383 10ft 90% 100 -% I 
2178 Utt 1B% 19 +1%) 


43% 2ft COfBIka .84 15 IS 453 34% 33% 33% 

1ft ft CTSF n .010 .1 121 ft ft 8% 

— 1% CntCntS.13 .9 W 2<5 14% 1ft tft 

11% CntrMIlOae 11 7 167 17 16% 16% 

9% Craig 24 44 16 15% W 


h ft S, 


*>? 


7406 1ft 12% 1ft +% 
44 3% 3% 3% 


4T, 36% Crane S 1.20 £8 15 647 43% 43 


w, aft wane s 
127% 6S Crayfls 


+ n 7% 4 FMOG -72a «L 3 Its 5% 5>, 5% +% 2? 

33% 24% 15% FrptMc ' 2a 64 63 321 23>, 23% 2T, fa ft 

8% -% 2T% 1ft FMRP n£40 tt. VW 1ft 19 19% -% ff* HjL 

Tft 8% 3% Fmt*B 433 ft 7 7% -% « gl JJJJ" 

lft -% 24% 2ft FiW ptAlGB 16 2201 23% 2Z% 2ft +% *£« WAM 

W +% 36% tt% Fuqua a » .7 19 47S 15% 3ft 35% +% 

IL. “?1 G G G 49% 35 MPa 


4ft 4ft 4ft 73% Sft MaMH 1.76 

021 2t% 21%-+% 317 aft -UOfcStlSOL- 

ft. ft ft +% 162 TO Merck 82-20 

Tft 16 tft +% it. .mi, 14accSL46b 

23% -23% 23%+% «ft 29% . ttanttw.86 . 


« .SS « im, -1, 1 *ft 2®, Nnfc > 130 11 tt 174 43 42% 42% +4, 

^ 7 V-i « 7. ttpt-ulft M%\1ft +1 

SLil — 12 M. 171. MAla .79 91 17 5 9SU 931. P31. - J. 


^ V V * 
t** lift 


Mert.yn.aO 

12% MeeaLP 1 - : 11 17- -lft 1ft “% 

1ft -KteSi-Ppfl-aO -17 1426.15% -16%. *3* r 1 * 


24 W .1433 72 Tft « .+t 
1415 84 ■-lift 108 110% +2% 
14 33 4089" 181 . .158% ttfl% +3% 
32 7 82 12%.-. .«% tft V 

18 IB. 289 04% .33% ;3ft +1% 
18 9 3583 42% «ftv*ft;V% 

11 17--' 2297*16%. -.16%' 1ft -%. 


W +% 
43 -% 


BrtfPl 149a 4i 17 1502 57% 51 51% + % 

EMtTeltSSe 3.8 17 107 39 3ft 3®, -% 

Brack n 48 W, ft ft -% 

Brain* a .96 3.1 13 241 31% 31% 31% 

BtcyUCai.68 61 15 117 27% 27% 27i, -% 

BkUG ptt.47 65 18 29% 2ft 29 

BwiSti .40 1.8 21 48 22% 22% 22% -% 

BrwnGfLSO 38 18 >465 39% 30% 39% -% 


-4 2 


43% 251; CftnpKI.28 
13Q 00% CmmCk 


BwnSh .40 
BrwnGfLSO 
Brand 1 JO 
Bmswk .60 
BruhWl .56 
Budieih 


26 17i, CryaBd 

48 37i, Culhra 80s 

16% ft Cullrtof 
861, 51% CufnEid.20 


^ “12 IS' 1 if 1 46% 28% GAF S .10 1 20 M63 44% 43% 44 -%35>, 25 tnOfin 1 19 

Z0B S 15 S’ IS* I 2 ® GATX 150 38 18 220 42% 41% 42 ~% 55 45% MM pM375 69 

2 S S. 5 5 "S » 42 GATX pll50 48 1 52«, 52*, 52*, -% 3ft 22% taMuB fttt 40 

T Z SfaiSl L. OCA 1«61% ft ft -% IW, i? WftprtMO 14 


24% 171, MAM . .72 31 17 5 23% 231, 23% -% 4^ Z 

181% 115% EM 440 31 tt 18501142% ttft 142%++ a. 

36% 22% IntClrl .50 . 1.9 4 28% .20*, 26% +% S 4 

49. 35 MFtavia4 17 20 885 48% 48 48 -% 45 3 


1v MesaOf . ; .. . 98*. ft. ft .ft *\ 

28% MesaRIJXr 1 18 ::: 2 ' r 38% 39% aft- r^c . 

.1 DMaab -10a 71 ttl ft=. 4% ft ' +% 

4% 'Mustek . -4. B. >»:• 8.- '.' 

38 Mte pfC390 8:8 y10D44% 44% .44% +2% 


217 34% 34% 34% -% 34% ,77 MtE . pfQT.88 63 y2W »- : r« , 92 


64i; 54% Cumn prSSO 30 
1ft 11% Curtnc 1.10a 65 


26 612 25% 25*, 251, ^ 7 QCA 

17 v ia H. H * »* r-as 
”% S* 11. y # 1% GEO 

2- 7 A5I K W% 81% -% b! n GP Cg 


86 83% 00 


ft 1 GCA 1246 1%' ft ft -% 10W, 56% 

128 68% G8CO tJKf It TO *119 120% 71ft 120%+% 1 ft 5% 

ft 1% GEO 297 ft ft ft 371, 24% 

S ftGFCp 56 31 5% 5% 5% +% 29% tt" 

1 32i, GTE a 144 6012 1258141 40% 41 +% 3ft 23 

; 43% GTE pt ISO 4.6 7 54% 54 Sft +% 1ft 11 

351, 28% GTE pf 2 60 12 33% 3ft 33% +% 47 3S 

3t% 28% GTE pi 148 68 24 29 2ft 3ft 27% W 

10% 8% Gobelin. Me 14 1114 ft 9% ft +% 2B% 201 

3% 1 GalHou 10 .2<, 2% ft 10 JO 


1.3 31 974 6ft 60% 61% +% I S’* ^rrlW _1.B0 20 M 107 


1.4 17 939 441, 433, 4®, -% 

1.5 31 133 371, 30% Sft -*, 

394 23% 23% 231, -V 


1Z», 1ft -% 
59% 60% +% 


Bundy -92 6612 1 

BunkittLW 65 4 

BKtov 1589 64 m 

BuriflCt IS II 

Burundi 04 3.4 23 « 

BrfNtfi 2 MU K 


G 57 Cydopd.10 1JZ 17 348 91% 91 91% +% 

30% 3ff% -% D D D 

23% ttt, -% 59% 43% DCNY 215* 4.2 8 » 31% 60% 50% -% 
«% . 26% 21 OPL 2 7.3 9 598 27% 2ft Z7% -% 


toftprl40 
MRc a 
lntpbGs.00 


61 220 5ft Sft 5ft -% 96% 00% M£ . pfl&12 45 ■ y120 B5U -5S, BS, >% 

4020 740 M 20% 29% +1% 100% Bft ,ABE pU&32 63. - y1B40BB 97 08 +t% 

14 17 7438 ttO 96% .99% +2 30% 11% UefrFh 44 3.0 3 .68 .14% +P, 14% +% ' 

SOS 9% 0 9% +% s% ft MexH ^Oa '.61 ' . xKBIS 4% 4% -% 


60S 9% 9 9% +% 

16 19 162 36% 35 38% t ft 
14. a 28», 28% 20% -% 


MMPwlSS TO 14 62 28% 28 28% . 

■msec .40 31 11 88 127, 12% 12% 

3ft towns 3.04 7.0*1 150 43% .43 431, ' 


ft + % I 29% 


lowafl 57.04 69-12 30B 231, 23% 23*, . 


4 22% 22% 22% +% I lft 12% Dallas .80 

80 W, W, tft - % I 2ft ttrf DamonQQ 


47 7B SB 14% tft 14% +% I 56% 21% Gap 


3ft OaDM3U2 19 28 2132 47*, 47 «% + % I S9% 48», IrvBoA 124 


15 IBS 27% 26% 2ft +% I 


67 17 1817 00% 8ft 59% +% 
58 11 2850 08% 88 88% +% 


23% 13% AMI 


AInGr 8 15 i 16 1125 78% 77 


AmMot 

AMotr pf!38 68 


381, 17% AProsd .50 


19% 10% ASLFla 


72% 48% APrsd p&SO 61 1 (tt. 

19% 10% ASLRa 3 6 Iff] 

24% 19% ASLH p(119 65 17 23} 

12i z 7% AShip .40 60 14 71 8% 

SO 38 4/rtStf 1.60 14 9 >730 471. 

71% 51% AmStor .84 1.2 18 838 0tP, 


600819% 1ft 19% -% 
15383ft 3% 4% +% 

7570 u38 3ft 38% +1% 
353 33% 33% 33% -% 

1 (tt, 09% 881, -% 
8 1ft 16% 1ft +% 
17 23% 23% 23% -% 

71 8% 8 8 

1730 471, 46% 47 


1.2 18 838 Off, 88% 671, 


81 ' 63% AStr ptt438 5.9 829 74 73% 74 +% 

27>, 2i% AT8T 1JQ 51113 2404323% 23 23% +% 

S2% 461; AT&T pO.64 7.0 314 51% 51% 51% +% 

52% 471, AT&T ptt.74 7.2 385 52% 52% Sft 

51% 30% AmWtrl.28 15 19 2TB Si 4ft 507, +11, 

127, ft AfnHoU 91 12% 12% 12% +% 

82 7t% ATr pr 692 7.7 73 77% 77 771, +% 


28% ATr sc 

99% ATr un 5.92 51 


51 49% 507, +1% 

12% 12% 12% +% 
77% 77 771, +% 


37% 36% 37 


33% 2? Amems.96 
3ft 191, AIMMO0O 


331, 23% Arnett* 1 
12% 10% AmevSd.08 


31% 21% Afidac 

31% 25% Amine pd.08 60 

ft ft vjAmtsc 


51 3 118 114% 114%-% 

ZB 12 236 33% S3*, 33% +% 

.4 25 1238 28% 21% 28% +% 

12 IB 128 317, 3i% 31% 

61 33 12 >17, lft 


172 287, 2ft 28% 
62 31% 8ft 31% 


ft 2 +% 

74% 747, 

49% +% 
lift Iff, -% 


38% 2ff, AmSBi ttt 
77. 2% Anacmp 


/umemp 

j 18% Anadrk .30 
24% Mi, Anlog s 


ft ft vjAmtsc 241 2 17, 2 +% 

7 ft ' 5ft Amoco 130 4.4 20 4364 75 74% 747, 

50i, 327, AMP .80 1.8 32 1470 48% 4ft 49% +% 
lft Iff, Ampco .30 12 190 14 IS, 13% -% ! 

23% 11% Am. ops M 18 14% 141, 14% +1, 

38% 2ff, AmSEft ttt 17 10 88 3ft 3ft 31% +% 

77, 2% Anacmp 70 4990 7% 6 , 7 -% 

25% 1ft Anadrk .30 12 1679 2ft 24% 25 

24% MI, Anfog s 45 80S 20 19% 19% ~% 

35 2ft AiKhbrl.48 4.8 43 2008 31% 31 31 

29% 22 Angelic .84 11 18 *28 28 777, 28 +% 

16 13% AnglCrnl.44 66 59 15 15 15 

35% 221, Animus .48 1.3 22 7403li36%8S% 36% +1*« 
IX 63*2 AnbeuprlUO 10 133 U140 1367, 140 +5% 

19% 8% Andiam H 191 14% M% lft -% 

1ft 8*, AntWrys .44 11 33 78 U14% 137, lft +% 

1t% ft Apache J8 10 345 Iff, 10 W% 


X 2ft Anchor 1.48 
29% 22 Angelic .84 


18 13% AnglCrnl.44 

35% 221, Anheus .48 


IX 63i_ 

19% 8% Antham 
1ft 8<, Annnys .44 11 

1t% ft Apache J8 10 
15 6 Aptf* un .70 91 

94% 79 Ap Pm pt7.40 7 9 
29% 25% ApPW pflSS 63 
341, X ApPW p*4.ia 11 
3W, 28>, ApPvr pflBO 11 
287, 12% AppIMg 
23% 1ft AretiD 3. 10b A 
177, jft Mstc n 


345 1ft 10 1ft 

457 ft 7% ft +% 

*290 83*4 93 S3*, 

10 201, 28% 201, ~U 

9 32 31% 31% ~% 


10 20*, 28% 281; 

9 32 31% 31% 

10 287, 2ft Iff, 
31 740 26% Zff, 20% 
13 308020% 20 X 


33% 20 

301, 171; 


ArahD s.10b A 13 3080 20% 20 X 

Mstc n 17 813 U28% 2 ft 20*, +7, 

AriP pt IX 11 239 28% 0277,28% +% 

AfkBMa.X 1.7 12 201 21 20% 20% -1, 

Arkta IX 40 10 2520 22% 22% 22% +% 

Armada 73 14 14% 14% 14% -% 

Armeo 740 77, ft 7*, +% 

Armg pHIO 11. 41 1ft 19 lft +1, 

ArmsRMa 14 137 X 19% X +% 


23% 107, Arkta IX 40 

iff, ft Armada 
12 41, Armeo 

26% 13 Amtc pHIO 11. 
11% 13% ArmsRMa 14 
417, 247, ArmWla.04 H 

16% 3% ArowE .20) 

24% ft ArowE pi 1. 94 11 

or, 20% Artra 
X 22% Amin X 10 
22*, 10 Aaareo 
X »>, Asara pfZ2S 62 
«ft 42 AsMorii.n 17 
15% ft AiatSon 


X 2t% 
54 SJ 
184% 121% 
ft 3», 
771, 51% 
377, 2ff, 
64 53% 

3% 11-18 

75 47% 

1ft 12 
30% 10% 
3ff, 23 
49 m, 
39% 28% 
24% 22% 
21% tt% 
1ft 13 
371; 25% 
220 108 
44% 25% 

15 ft 

3ft 24 
28% 15% 
lft ft 

42 27% 

1ff4 6% 
i 11% 13% 
81% 291, 

I 11% 4% 
15*| 8% 
2S% 14% 

8^2 50% 
17% 10 
<5% 7% 
337% 214% 
38% 29% 

39% 28% 
9% 7% 

42% 317, 
427, 30<* 
Sft 25% 
43i, 28% 
40% 26% 
S7% 287, 
151 57% 

22% Iff, 
20 tft 
23% M% 
24% 16 
55% 38% 
7% 4% 

6IE, agj, 
27% 22% 
40% X 


Burundi 04 1*23 ft « 481, 48% 

Brirrtfi 2 10 17 1028887% 66% 0ff, 

BrlNo pti5 19 15 0% ft ft +% 

Bumdy 34 275 Iff, tt>, 10% +% 

G G G 

C8J In M 10 41 701 301, 2B% 30% +% 

Cffl p t 21 33% 53% 53% +% 

CBS 31121 333 162% 160% 161 +1 

CCX 24 4% ft 4% 

CtGNAlX 4310 31X66% «4% 68% +% 

OG pi ITS 63 302 29% 029% 29% -% 


22*, 7% 

.. 10 6 

+% *45, 26 

+h 9*, ft 

X 20 

+ % ft 5% 


ZS% DanaCpLX 14 

7% Danahr 

6 Daniel .18 T.8 

2S DataGn 

ft Detapl 

20 Oalpi M4.94 16 

5% DtaDsg .24 11 


MS 15% tft W% 


Geartt JOt 


Xi 34 13X54% 53*, 53*, -1 


tpaJco »t.W 64 12 1124 247, Sft 

tpvcCp .26 2JSm 170 lft tt 

IrvBok 124 48 7 247 40 48% 


14 S4 1467 401, 40 40% -% I 25% 12% Gate .520 14 


27 XI u23 217. 23 +% 
1.0 318 uT0% ft tt 


122 708 35% X 351, +% I 15 


HP, Gemfl C 
127, Gemil UZ3e 


11 8 US 7% 


27», 27% 27% — *« I 21 


84% Sft QnCmpLSO 


am, 18% Day ton .40 1 J SO 372 33% 31% 33 +7, 1 wg ng unuem 

58*] 38% DaytHd .92 10 16 78X45% 44% 4S% +^l 25% 1ft GenOev 


GAtov 25To 
GCinm X 

GnOett 


67 143 

11 tt 2353 


313 3% 2% 2% 

1048 21% 21% 2ft -% 
3 10% 10% 18% 

209 lft *5% 15% 

143 1ft 1ft 1ft -% 
2353 ufift 821, 84 +T% 


2ft 20% 2ft +%1«^ 2* 


54 45 IrvBk pH25e 63 492 5f% 5t>, 81% +% 

Iff, B ttefy - n 144* 12 093 12% 12 Iff, 

J J J- 

30% 12% JUKI* ■ - 25 690 2ft 20% -2ft +1 . 

41% 2ft JWT 112 13 57 368 3ft 3ft 34% +% Jft 
4ft XL JHvora.40 1.0 21 3186 40% 39% 40% -% *£, 


5% 2*« ,MexFM -2Be '.61 ***. xlXIS. .ft ft -% 

28%. 2ff, MhCn ptZVS 7A • 2'' 20% .26% 28% 

Zff. 191; MchER1.44 - 16 18 IS 20% 2ft 25% + % 

8*, 3% MfckfljyX - 1:8. 181 ft ft ft +% 

18>, 1ft MktSUt ' 7 5856 1ft 1ft M% +% 

29 17% MWE • 148 £4 14 297 23% Z2% »..+% 

2ft 2ft +H J 13U^ KttU4 172 ,10 tt X93 

tt Mfi +% 135% 2ft MJnPteUS 18 11 401 30% 28% 20% -% 

® rtjl +* Iff, ft. Mtat - . J 18958 ft- ft ; -% 


5T% 811; +% ] c > a 28% Mobil ISO 60 11 7978 44 43*,' 4», *r\ 


JRvr pi 138 14 


**\8 


□PL pi 7.48 67 zX 85% 85% BS% 


77% OPL pf 7.70 8.3 


891, 67% GnOyn 


12 IS 1980 52% 51% 5ft - V 

48 407 12% 12% lft — % 
9 8S6 23*4 217, 23% +1l t 

13 155077% 77 77 


31 19% Jsmswytt .4 18 333 27% 2ft 27% +% ft »* 

17% 11% JapnF 480e 28 2*3 17% 18% 1ft 23% XT 

40% 31% JedP a LIZ 12 ff 674 X 3ft 3ft -% 1ft ft 

45% 38% JarC pt 4 OlS ZlX 42% 42 42 -% Z7% X 


337, 22% Mofncc .X 
3% ft. ItoNOt 
91% .59% MonCalXI 
73% 02% -MonCapl-S. ! . 
tsr, .12% . ktonrah M 
B7% 50% MttiMrtflg 
43% 3ft MgnPattU 
23% 20% MbnSLLSCM 
17% ft MOW X. 


C3G pt 410 60 


ttt, 59% 59% 


33% 25% CtenF, .48 1.5 X 117 29% 20% 29% +% I 15% 


>00% 7ft GonH 152 24 20 6580 H»% 108% 187%-% 


JarC pt 4 65 
JarC pt 6X 69 


Moore .72 11 17; SO -i 


X.0 20 .1054 o35>, 3ft 35% +ft 

8 036 2% 2% a% -V 

TO 664, 00% X Oft +% 

K2 » 72% -72% 72% +% 

4JB54 73 Iff*, tt, 16%, 

14 W 8598 77%- 71 77%-+ ft 

68 IE 983 3ff, 39% 39% +% 

62 01 -22%. 21% ZBt - 

63 tt 154 6% ft ft ... 


*4CLC 78 1% t 1% lift 

CNA Fn 10 84 81% eor, 61% -% I 


DecCa il2Sb 
CMC 


18% 17 +% 

0% 1ft +% 


iff, IS DecCanXe 1.7 S 17 18% 17 + 

14% V 2 Die 13 483 1ft 0% 1ft + 

X% 21% Deere 25 .9 714 2ft 28% 28% - 

38% 29*4 DehnP 112 65 11 373 32% 3ft 32% - 

671, 37% DettaAr 1 1.613 3148 83% 6ft Off, + 

dff, 25% DtxCh a .72 10 25 2710 361, 34% X + 

3ft 24% DemMfli* 10 10 723 32% 3ft 3ff, + 

43% 34% DeSoto 1.40 15 48 42 40*« Sff, 3V, - 

19% 1ft DetEd 1.60 67 7 x!30SE7% 17% 17% - 

99 65 O etE pf 632 60 ylO 07 07 97 + 


15% ft GnHme 
25% 10% GnHost .24 
13% ft GnHous24 


JOrC pt 612 63 


9 207 0%ftft+% S?* ZL Z nZl 

10 10 6207 1ft «% n% +% fi? 32 S - J K 

MV » !«4 « 1!'4 +% S* S* *S5 2Z-2 


*180 UBli 105%. 105%+% 128% . 14% .MoorlEJJ . < 12 214 23%_ -2ft 23% +.% 
Mm jam (3?% 24*, MwM.paso ai u ft ..ft 27% +% 


07% 9ft 67% 


*5000071, 97% 07% +% [<ft 8ft 


*50 96% 65% 96% 


CNAI 124 62 » 13% 13% 13% -% a;* DehnP 112 

CNW 11 258 2ft 25% as*, +% W, 3ft DateAr 1 

CNW pf 112 7.7 42 277, 27% 27% »% 

CPC a 1-24 2.0 21 4IS7 48 4ft 48 +T »% OwbMB J* 

CP MUX 10 11 141 32% 32 32 -% 3 951 4 

CRUM 133a K 12 IDS H 237, 2ff, 1ft 1ft Deffid 1.68 


CRUM 3.33a M. 12 IDS 2* 2ff» 2ff, »ft J^a ^etd i.ee ar 

CR1 H nZOIe 9.9 192 20% X 20», W « Oo£ pf6» 60 

CRSS 14 19 16 1® 177, 17% Iff, +% W% 71% ttoE pf 7.66 60 

CSX 1.18 14 12 2000 337, 33% 33% +% 86% 73 DetE P* 7.38 9.0 

CSX pf 715 1 200200200 +6% 2ft»%Oe p£ 17511. 

CIS 117 SS8 203, 2S% 2ft +1 3ft »i 0| rtUllt 

C3 he » 1SS M% 1ft 1<% VP, »; 0| P« 1*311. 

Cabot Sa 17 15 184 34 33% Sft +% » », D| P (P IttJI. 

Caesar 17 15440uX% 20 38% +% » W W 

CatFff‘n.079 175 TO ff ft ft -% 3*^ Of ttOMtt 

ColFMLX 10 6 >058 39% X 39%+% 33 27% DE (4M142 11 


r.ffl 


3ft lft ingfttyltta 
50 32% Morion .78 


26*, DE 
36*4 DE 


CatFtPlt.079 
ColFMLX 
Cal BE X 


17510 d ft 
106 >058 38% 30 


I 20 25 DE 

31% 27% DE 
33 27% OE 


Cal RE X 10 SOB 7% 
Calltm 20 1.0344 113 2ft 
Cafanal X 1-6 18 200 51 


7% 7% - % I 3ft 27% DE 


pffllXIL 
pfO 11311. 
pff> 11211. 
pfB 27516 
prO 140 12 
pfM142 11 
prt. 411 


ylO 07 B7 97 +1\ 6), 4% GMC 

yZD 8S K 06 -1 28% 10% GPU 

y40 02 X 02 -ft 69% 40*, GenRes 

xl3 26% 26 X -% 2D*, tt% GnHcfr 

»47 29% 28% 28% +% 54% 38** GnSignIX 

xX 281; 28% 28*, +% 5 2% Gensco 

X2 X X 29 +% 13% S% GnRad 

x8 27*, 2ft 27*« +% 527, 40 GenuPtlX 

>41 29% 29 2ft 52% X GaPac 1 


Cafanal X 
Colton n '■ 
Com ml .04 
CflU g X 

cmpR 0.10 

Cam3p1.44 
CdPacs .48 
CanonG 
CapChaX 
CapHId X 
Caring g -48 
CartbM.10 
Cwottn 
CaraFt .» 
CarPar 278 


aft +%■ 257, 2t|, Oe£ prZX 83 


DiamS .40 28 


L618 a» 51 407, 50% +% |ft Iff, Daxtora.m 

' 18 S588 013 11% 12% + ft 27 207, DJGtor .64 

-3 . 147 *47, 1ft M% +% 34 W% OUB» JO 

774 2S* a 247, 247, -% 15% ft Otamfi .40 

97 1% 1% 1% +% '12% 34% DiaSh pi 4 

12 18 1056 647, 637, 64% +% W% Tft DmSOlKB 

8472 17% 17% 1ft 133, 1ft DtoMCX 

14 724 at, ft ft SO*, 35 DtebokMJD 

.1 X 220 330 325 328%+ 1% 172*, 7ft DigHala 

107 902 347, 34% 34% +% ST* 33 ’? 32 

483 13% 1ft 13% +% >71% DS >■• 


>41 29% 29 2ft 52% X GaPac 1 1-8 

>38 291; 28% 2ft +% 52 X GaPc pdtt 18 

>14 27% <127% Zft -% 51% 37% G«P *6124 41 

«S 2ft w% 24% -», 51% 37% Gaft: prC124 4.4 


28% Iff, Dexters X 11 21 205 uZ8% 277, X +% 1 2ft 24% GaPwrpHX 60 


1813 211 25 
12 X W 


64 11 

17. V 
14 19 2 


10 X 083 1160% Sft fift +1%. 
X 4840 170 ttft 170 +2% 


3ft 34% -*« 2B>, 25% GlPwrpQ.47 64 
18% 18%.+% 27% »' GaPar'pfL74a. TA 
1980 tft M3, -tft 30% 237, GaPw pf 3 m 

IT 42% 4ft 42% +% 32 X QaPw pO.44 11 

158 16% 16% 16% S3*, Zff, GaPw pttTB 11 

2 12% 12% 12% 27% 24 GaPw prl» 66 

‘ 5ft 60% +1% 27% 2ft GaPi* pf2X 66 

16ft 170 +2*3 28% 25% GaP* pC.75 16 


2918 K 387, 38i 2 38% +*, lft 


134 9% 
1113 101 3ft 


12 ft 
52*, 37% 


21% DEI 1.4 
5% Dfvrsin 
ft Dome g X 
37% Donfl6SS 


27 43S7 61% 60% 60% -1%|BZ% 79 


1.44 10 SO 24% 34% 24% 

82 ft ft ft 

X 2637 11% 11% 11% 


ft ft ~% 1 S7% 37% GerbPdl.32 
11% 1T%+*,l24% 13% GarbSc .12 


GPU 0 1447 0287, 2ft 20% £ 

GonFtos 1 11 X 1405 68% 87% to +% 35 J°yMSgU5a 40 35 

Grtflaip 12 180 17% 10% 10% -% KKK 

GnSignIX 16 19 388 48% to 49% +% 1ft 107, KOI X 19 23 10 
Gemco 6 224 ft 4% ft +*, 22*, 17 KLM 6Sa 13 11 799 

GnRad 290 12% 12% 12% +% X 3ft KmarttX 24 X 817 

GanuPtlX 2623 M vS3 5ft SS +1% 23% W KM Engl.tt 71 X x4a 

GaPac 1 1-8 34 5034 52% 50% 52 +1 23% 12% Refer Ai >3 167 

GaPc pH 24 48 401 uCjft 51 Sft +% 31 60% KMAI pf4.11 65 6 

Gap 016124 45 X u52% Sft 5ff, +% tft ft KanbEttX X 50 

QaPc pr C224 44 2 51% 51% Sft -% 4% 1% Kaneb 273 

GaPwrpHSO 60 ISO 20% 25% Zft r% 32% ZJ -KOyPL 2 .75 10-827 

GaPwrpQ.47 . 64 .48 27% .26% 2ft -% 647, «" KCPL pf4.50 17 ■ zlOj 

GaPw' pfLT4a- TA ■ 11 23% 23 53% +% 27% lit, ’KCPL pda 64. .V 10^ 

GaPw pf 3 m" 76 29 2ft 267, -% 2ft 22% +taPL'pfl33 15 ' 8 

QaP« pO.44 11 68 29% 29% 2ft -% 8ft 4ft KCSou IX 10486 182 

GaPw pH7B 11 74 31 X 31 +3, 2ft lft KwGEIX 1018 38» 

GaPw pnX 66 9 2ft 2B% 2ft -% to 45% KMPU3.30 12 11 267 

GaPw p *252 66 51 2ft 2B>, 2B% -% 20% 12% Katyki 174 

GaPw pC.75 16 16 271, 25% Z7 5ft 94 Raft pf 1.46 17 2 ' 

GaPw pr7.ro 17 XS050K « 90 +1 1S% 9 XauBHit-tta .6 W 271J 

GaPw ptr.1t 60 *50 85% B5% 85% - 1% 20 tft KauB * 23 1.2 16 3Ut 


Tft 1ft +% 13% 1ft Mbtattfl 

% %' +5 W% 33% -MolortaX 

X% -% 2ft 18 Mtmtrd -54 

2ft Zff,-? lft M% Manage 

19% JoyMSgL35a 4JI 36 33% 33% 33% S, 5S 1 - T 

K u sjr 26U MttrryO.60 

I* ■' • Wa 20<& Ibntfdlf 

107, KOI X 19 a 10 15% 15% 1ft -% M * msI j^mt44 
17 KLM ,«a 13 11 793 20% X 20», +% S, T* 

38% Kmart 148 24 26 BITS o60% SB 60*, +1% 18 -10% Mytan* 

W KM Eng1.48 7J>a *43 21% 2ft 21% -% . 

12% Refer Al 13 M7f 11% ‘«% 1ft « tUfOOib 

60% KMAI 0(4.12 18 6 61 81 61 +% S* H 


Moran 81.36 ID 10 4796 48% 45% 46*, +% 
MorKog-20 ... U 13 484: 1ft : 16 16%+% 

MorgBnJSSa .5-8 484 69% X 89% " 

MorKod.48 ;• 29 U SOB 51%. .51. 5ft + % 
MoraaGX 2122 51 8ft - 38% 38V - 
Mtgpiy213a 68 12 .199 21*, 2T% 2ft 
Monon .76 L6 17 3880 48% 46%. 48% +t% 
MMettfi 55 Tffj fft 73% +% 

MourtaX ■ ■ 13 33. 2ffiS SR, 50 50%-% 

Mtmfrd -54 - 20 48 231 19% 19% 19% -%; 

Manage •• 17 302 1ft 5ft 10% -ft 

Mwp5 .1 12 . 113 . Sft 31 X% .“ + 

MbrryO.ro * 2.6 30 M Zff, -23% 23% -%■ 
MuacMrf ■ -161 *22% 3ft X --% 

MatOml.44 17 ^ *%- 

Myta* » 1084-3, 1? 15% +% 

••• H N H , 

NAPOO 1b SA16 22 tft 10% 1ft 


-10% . Mytan * 


GaPw pr7.l» 17 
GaPwp rr.72 60 


CaiP prl67 IQ 


7.1 10 2284 39% 39 »% -% I j*£* “ 


CorTodlO 

CarPlr s .70 

GartHwL22 

CartVH X 

CartSvaOTr 

CaacNGX 

CastfCk 


2ft X +% I ® sft Donley 1.40 


17 11 2385 44% 44% 44% -% 1 11% 
1.9 14 222 3ft 35 35 -% 1 33% 
1.8 19 5» 78 70*4 W% ~1%1 


MS 108 38% 30% 38 -% 139*4 *8 Domeya.64 22 22 131 29% 28% 29% +* 


•'•a w, 
33% tt, 
30% W 


Gutty a .16b J 11 401 


17 ZS050TO « 90 + 

60 *50 85% 85% 85% — 

29 24 350 4*3, ,4% 44% +. 

-S 20 40B 23 22% 22% - 

218 ft ft ft “ 


^Su .x lim la? 1ft : *ft HL inflf * • • ' xaswrft is% 10% +%' 

K^IJB iom awls 15; SJ +t -« aft fiat - a® 67 21 ft * --40%-+! . 

» KdWW «9t, ^ It T® 4t% NWA JO .13 22 1192 72%- 7t% 72 -%> 

S* 42,1 5£ S ^ +i 3ft 2ft Naecoax 180 142 28% SB 29% +% 

u* ,6 3.7 V* rou aS aS +r 3ft *ft fi ^ co 130 3330 3® 32% 3i% *> - 

a SSwSJta" 6 18 tnaS&t % ^ Vt ^ K* » its? So S' ■•2* S' + S 

M3. KMAaJtS 19 1/t StUaSft. 2BU 37+1 I 3 ** & ?■*:» 3?* ?!» ft + J 


12% Kalyk) 174 IS 14% 14% +% 

34 Kft pflX 17 2 3ft 38% 39% +1 

0 KaiiBHiLlOa .8 18 2712u1M« 10% 17% +2 

14% KauBa 23 1.21$ 3M0tt27% X% 27 +1 


44% 4ft +% Zft 21% Kato pf IX 49 « U30%29T 3ft +«, 

22% 22% -% MO 95 KaM pf ITS 10 4 uW7 147 147 +7 "• «*« 

ft ft -% 8ft 37 Koftofl IX 1124 1841 82 60% 61% -% ® S 

« Jft t'f 3S% 10% 'Kahada X 10 tt 280 S*% 31% 31% -% ^ V* 

?ft tft 3ft 20 Harare I 1445 217 29% 2ft 2ft -% | 


1123 S3 38% 37% 37% +% I SB% 38% Dow X 1.6 24 MB 501, W 


30% M GIANT 
13% 10% rabrFhXa 


11 » 122S9S, S57 B 36% +% *L DowCh 2 

.6 31 341 127*, 12IR, 127*, +4% 58% 30% DowAia.84 

.4 7 835 Iff, 16% Iff, +% V 1ft Downoyia 

7.7 69 17 1ft 1ft lft 3* tft Dr«W -» 


X% 3ft GO let a IX 


..I 2P» iMaft 20 Harare I 14 45 217 29% 2ft 29% -% ^ £ 

Hi If* 2. tj»lw% «% KPToyXa 3 SO W 24 t 4 Zft 24% +%^ ii 

1521 448060% 5B Sft +% j 4ft 34% KyUtS 162 14 M 277 3ft 3ft 3ft - % 2“* 2. 1 

? «« Su If* *ft r> f 17% 12% KerrGI M 10 57 58 Wi ft tt. +1. ,0. M* 

10 7 1187 Oft 40 3ft +% I 9cu X KnrfZ nfl 70 7.1 8 231. 239. 237. +T. t! 


IB tt 280 31% 31% 31% -% ST 

1445 217 2ft 2ft 2ft ~% S? S 


38 177921% 21 21% -% I»% J* 


15 21 9000 007% 80% 87 +% 27 1ft GtoosC 

1.2 28 5B9 54% 53% 9ft -% 33% 1ft GtonfedX 

.9 4 148 2Z% 22% 22% +% 1ft 9 GGCepn 

15 39 135 19% 19% 19% +% tt 10% GGfnc n.58 


5B% <7 
27% Zff, 


NUCnV .» 17 57 1240 9% ft ft +-' 

NatDfeR20 10 27 1172 0%- Bft 8ft +' 

NMEduk 24 271 24% 23% 24% +* 

NfEnt 239 124 ft- 4% ft T- 

NmPQllaB • 1712- 153 3ft 3ft 3ft +* 
Nfl . Xli 138 14*a- MW.. 

W pf 587 5 51% 51% 5ft 

NMedEX -1225 3290 27% 20% 27% +< 


Cane pf.90 40 277 2Z% 22 22% 

Catnip X 11 X 1209747% 46 47 

Cengy 44S5u 8 7% 8 


25% 20% OrexS 


.40 1.5221 3181 26% 25% 26% +% ft 


22 22% 22% 22% 


47 +1% 44% 23% Draff* S -4« 1.1 23 1307 44% <3*4 44*, +% I 10 
8 +% I 105% 70% duPoMlff) 10 17 7097 U108*,104% 108 +ft| 18 


Cental 150 18 IT 227 06*, 65% 661, + % 1 52% 42% dum pf!50 18 


7097 u 108*, 104% 108 +Z% 18 
69 51% 50% 51% +1 (4 


7% 7% +*, 
19 1ft +% 
1ft 20 +% 


11 18 484 3ft 38% 3ft +% 


1ST 7>2 7% 7% 

43 1ft 15% 15*4 


22 15% Ainlon0l.ro 

4ft 32% AtCyEllSZ 


71% 45*, AHFUcti 4 5.7 

T70 109 Affic prlSO 1.7 

ID 11% AHasCp 

17% 57, AudVd 

24% 15 Augal .40 1.9 

31 17 Auslmt ZOe .8 

4ft 29 AutoOfs.38 .8 

41, 3% Avalon 

41% 2ft AVMC s .50 1.2 

53 38% Avery .70 15 


44 199 31% 30% 31% +1 

1014 109 33% 32% 33% +% 

835 20% 20% 20% -% 

62 13 37% 35% 38% -% 

17 12 136 65% 65% 65% +% 

M 75 1ft 13% 13% +% 

64 40 8 17 17 17 

18 II 772 3ft 3ft Sft -% 

5.7 21 1618 70% 93% 70% +% 

17 11 168% 187 167 -% 


61 1ft 10% 18% +% 
>3 70S 7% 7% 7*; 


4ft 29 
4% 3% 


1.9 45 318 2P« 21 21 -% 

.8 15 334 2ft 25% Sft 

.8 29 3173 48% 447, 46*, +1% 


1 2ft 2ft 2ft 
1.5 52 920 34 33*; 33% -% 


43, 3% Avalon 23 32 4% 4% ft +% 

41% 2ft AVMC s .90 1.2 15 12 40% 40% 40% +% 

53 38% Avery .70 15 21 302 51 50% 51 +% 

26% 18% Avry wt 1 2ft 2ft 2ft 

39% 2S% Avne! .50 1.5 52 920 34 33% 33% -% 

3ft 26’, Avon 2 6.5 M 2S41 30% 3ft 30% +3L 

31% Iff; Ayrfln 10 45 2ft 28*, 201, +% 

B B B 

ft ft BMC B9 ft 7% ff, -% 

40% 23% BalmcaTO 15 19 77 38 37% 37% -% 

17% ft Bkrfntf.sae 15 14 18S6 1ft 1ft 10% -% 

34 17% Baldor .44 10 20 459 21% 21% 21% -% 

45% 32 Boll .82 2.1 15 102 40 39% 38"; -% 


31% Iff, Aytfln 


4ft 23% Balmca.70 

17% ft Bkrimf.S8D 


7% ff, -% 
37% 37% -% 


14% BallyMf.20 
Zft BairGEi oa 


5 1 * 3?* 


33% 22% BncOne .04 
47 18% BncCb.718 


241, lft BallyMf.20 1.0 25 1615 20% 20 2ft +% 

3ft Zft BftBGEI ro 55 10 3803 32% 31% 32% +% 

33% 22% BncOne .04 10 12 674 27% 27% 27% + *, 

47 18% BncCb.718 17 73 42 41% 42 

1% BanTex 197 1V16 % 1V10+V1 

SO 32 Bandg s ,70 12 21 x2K 57% 5ft 67% +% 

34% 21% BkBosa 1 29 14 1289 u34% 34 34% +% 

Sft 48% BkB PTB3.08O61 17 50T, 5®, 30% 

100% 82 BfcB ptc&stoao *40 04 94 9* 

4ft 37% BVNY ,168 4.1 B 1485 40T, 40% 401, +% 


Vi Zft 
20 % 21 % 
58 48 

30% 22% 
38 3ft 
38*4 3ft 
20% 1ft 
31 22% 

01, 4% 

19% 13% 
217, 17% 
38% 24% 
4ft 22% 
1ft ft 
ft 2% 

1 *4 

ft 2% 
49*2 34 
57*4 51% 
54% 5I«, 
Sft 40% 
25% 13% 
34% 25 

43% 29*; 
5ft 42*, 
54% 50% 
53% 51 
31% 18 

47% 25% 

Sft 34*, 
154 12B 

08% 56% 
Iff, ft 
2ft 17% 
12% tt, 
9*4 4% 

541, 34 


CentE nlSB 11 8 2127 23 Zff, 23 

Center .25 .7 13 119734 32% 34 

CenSoW.28 189 2B52 35 34% 34% 

ConHuO.ro Itt 7 278 29% 29% Zft 


ConSo*28 181 
CenHua.ro itt ; 
CHud pf T-8Be 7.1 
GnLt pM.SO 10 
CnflPS 1.88 17 

CnLdEKOO 62 


GentrCp 
Crrtryn X 
Onvin 2 
CrHMdOO 
OanpinW 
ChamSp 
vjChrtC 
vjCfa wt 
VjCtM pi 


2127 23 at, 23 « 54% doPnt pMX IB 7 65 6ft 65 +7, 

1197 34 32*j 34 +1% 1ft 10 CHxfPIl n.Ota A 33X10% 10*, 1ft 

ZSS3 38 34% 34% -% 5Z 30% DufcflP 1« 17 12 2523 47*, 48% 40% - % 

Z78 29% Z9% 33% ~% 100% Sft Duke pH TO 14 *20 103% 103% Wff, - % . 

336 24% 23% 23% -1% 'Oft 9° Etoko p»Z0 10 *100 WJ2 103 102 +% I 50% 

*10 56% 56% 5ft -% 104 1ft Duke pTT.BO 7.7 814 101% 100% 101% + % 1 9ft 

344 25% 24% 25 35% 27% Duke prl« M 15 27% 27% 27% | X 

72 33% S% 33% 10ft Oft Duke pf!20 7.8 210 105% 105 10S%+2*. 

14 33 d3ftro% -% 8% 6% DukeRhTSa 94 61 ff, 7% 7% 

216 19% 19% 19% +% 15* > OukeRCa 95 1% 1% 1% +% 

75 28% 26% 28% 13ft 95% Don BnfcM 20 20 *387 126 124% 12ft + K 


S GGCem 

10% GGfnc n.568 It 

15-16 vtGUALiq 

2% v|GiM pi 

0*4 GlbYMnlX It 

9% GkMOg 

1% GUM wt 


Z0 7 1107 3ft 30 30% +% 25% SSI KefG pff.70 7.1 0 231, 23% 231, +% j » -fl 

8 9 9 9 -*• 1 wl ml KwrUM m -U 615 S0% 30*, 30% +% I 25% 


■%|33% 23% NerrMaiO 
130% 21 Keycp HZ 


NMlnafi 

Ndtestitt 

MSeml 


ft ft ft “% 1 19% 


lft ff» KeyoCe 

19% tft Keffnt AO> 


« is SS 4 sS +2 6ft ro NSewpr 4 

” » S if S -i aft aft Nfflto.8-64 

™ IL- *J2S *3 15 11% NStand.40 


25 38 17X18% 19% tt, +%(£,- 


W8 S% 9% 9% — % 1 3j% as% KMde IX 1432 *80895% Sft 33 +% 
101 4833 12% tt% 12% +% I in 77% KknbCGX 2819 11*112*, lift U2*,+% 


64% X +7, 1 46% 30% GidWF 20 


514 1% 
.5 7 375 44 


23% tft KhgWda 


43% ro% -% ( 11% 9% Ktawrtn 


57% 36>, Gdflcti IX 27126 1872 u58 36% » +7 a j 57% 43% KngMRdl 1.823 1124 X 


(MIPS IX 17 13 344 25% 24% 25 

CnLaS2O0 62 10 72 3ft 23*, 3ft 

cua pM.18 11 14 33 d32% 32% -% 

CaMPwi.40 7.1 13 218 tt, 19% 19% +% 

CVtPS 1.90 17 8 75 28% 28% 20% 

CenttCp 43 375 5>« 5% 5% 


Gdreil pt97 15 
GdrehpO.50 51 
GoodyrlX 21 
GontnJ .52 28 

Gotchkn 


32% -% lft ft 
19% +% I 1% 1 


210 10S% 105 105% +2*, 28% 14% Gould 1038 IS 

61 ff, 7% 7% 60% 45*, Grace 280 4.720 9037 » 

95 ft 1% 1% +% 33% 20% Grant X 1.8 M 15 33 


« **» JJh +% 28% 17 Knogo 

II? 34 ft •Mger 2X 13 54 145 

H 47 IM, 12% KoknorX "" 

18 „ 2 2E* IS? 25» 37% a Kopec* X 

80 +% sgr. az% Korea 14a 


X 284522*, 20% 22% + ft 
IX 9% 9% 9% +% 

23 1124 56 GS% 56% +% 

tt 281 lft tt, 18% +', 

54 145 31*, 31 31% 


If* ft 

7 % 2 % 


■I ^4 «5i + ‘ ft 2ft Korea 4% 14 « 

S? « * j 85% 40% Km# 1. 72 2*2 0 4S97 


22 451 M% tt% 14% +% 

13 17 S« 3ft 38% 3ft +% 

14 405 » 56% 58% +2*, 


20% Ntm 0.74a 26 _ 

ft ttavtatr 5853 7% 6% 7 +.% 

2% Nav wtA "• -251 ft ft ft 

1 Nn «0 414 ff, 2% 2*4 +% 

T% Nov wtc a ft 3% ft -% 

15 Nw ptD . BO 22 22 22 

ft Nn pH 0 It 117 ft 55% 55% +% 

9% Marco M 42 V ' 051 - IS*, IS*, 15%- % 
Tft MevPwvttt 19 12 100 21 20% 20% +% 


■ 2235 32X2% 20% 2% +% 
14 15 196 

7385 15% 14% 1S1, +% 

17 IW X X 00 +-1 

Z415 4X 27 2ft 281, -% 

13 2 1ft. 12% 12% -% 


405 27 2ft 28% -% 
2 1ft. 12% 12% -% 
260.28% 28% 28V -% 
5853 7% 6% 7 +.% 

251 ft ft ft 
414 ft 2% ft +% 

st ij-‘ 


NavP ptlK 10 


20 28 1387 IX 124% 129% + 1*, | Sft 37*, Owtogr-72 


43 375 5*, 5% 5% 19 W 

4.5 13 84 18% 18% tt, 2fB tjf 

11 10 22 19% 19% 13% +% 2ft 16 

24 12 279 371; 38 37% + H, 23% 18 


12% DuqU IX 13 7 725 Iff, 12% Iff, +% 


247, 19% Duq J4A2.10 16 
2ft 16 Ouq pf 218 
23% 18 Kjq pi 207 16 


*350 24% 241, 24% +1*,l30% X 
*142020% 20% 20»; -% 1 28% X 


Grace 280 47 X 9037 » Sft » +3% 35 22% KrageratOS 10 64 2006 vX 

Grant .60 1.8 M 15 » 3Z% 32% gj X Kubota. 63» XX X 56 

Ora**--” J«1» fS a if* 2, -> « Kuhfan .40 17375 40 IS 

OtAFt a X 25 6 563 2ft 24 2ft ~% 58*, 42% HyocerTOe 1 42 88 57 

QIAIPc .40 1814 1420 U31 30% 3ft +% Sr? -tat, K^oT 1 IS 11 X 


wl 60 +n\E t w. LS 1 S5 8 +, » 

* + i 1 86% Zft NEhgS 2 61 B 2943 29% 28% 29% 

■fft ? T 1 » un. ffjRsc el-18 un zu. zra. znr. -w 


if I -J f 
% S • 


Iff, NJBsc el.lB 58 24 XX 21% 20% Zff, -%- 

12% NPtoR s 22 41 X 118 17% 17% 17*, + % 

38% -20% HYSEG2M 9.3 7 3004 29% d27% 28% -% 


u 14 1428 u3i an. z®. +i. I a,' ** KST r ' w , rai. iu 44 ~ 35 HY ^ p* 3-re is *ix4o% 4o% ro% - ’ 

*78 ro » 27M a +il! W4 Kv ^ f 3to, 30% 30*, +% gytj g, NVS pf 180 *3 Zffl 9ft 9ft 9ft.- 

10 29 W34te - 8ft » +pj L L L » 211, NY8 -pf 212 18 24 24% 24‘ 24% +% 

229 1774 lift 53*1 64 +7/3®* W% LAC • X 10 S3S 3T% »% S* “% 36% 24 Newell 14 £4 18 125 3S% 8ft 3S% +% 

17Z4W, js , o* +'al^» _« ^ HdLIAa 62 11 W 28% Zft Zft +% 4ft Oft NwtoUeX 22 16 232 » 35*; 36'. 

LLE R024e 11 327 9% S% 9% +% 20% 0% NowMlSOo 82 2 52 HP; 10 10% +%' 

LLCCb 4 613 4% 4% ft 27% 8% NmntGnlSa .2 83 375 2S 25% 28 - +% 

vfl-TV 1827 2% 2% 2% 0ft 41 tonM 1 1247 *10 84% 8T% 84% +ffi 

vfLTVA 13. 3 3% 3% 3% -% 35% 11% NawaLa SM3 33% 33% 33% +l, 

VTLTV pt 2 IS 15 15 -% 25% 15% NtaMP 208 12 6 46« Tft 1ft *8% 

vjLTV pfB 67 4% 4. 4 33>, 30% NkoMpI3.40 R2 SIX 37 37 37 


*10 21% 2H; 21% +% j 92*, 4ft GtNNk 172 


Tail limilu w. i<jv, +i/ 241, ift Duq prK£10 91 14 23% Zft 2ff« +', 50% Zft GtWRnlX £29 177464% 53% 84 +7, “> KT* 

fl Sf ?£ ^ vfc 2ft Zft S3 *43! 9.1 *110025% ^ Zft ' S ft J* « ^ 2ft 2S« nt £ & 

2967 8 ^ 5 s% -% X% 12% DynfcJ .31 1.8 15 309 M% Iff, 19% ♦% 3ft 17% Grant *.12* A W >4S3 i^r, 31% +1% ft UEftW* 

387 % 9-10 516 -P3 X% X% OfftAm X -7 23 39 28% 29 » -%» 27% Greff. IX 179 S2\ 35% 3ft 3ft ft ft 


Chase £18 56 6 1346 387, 38% 38% +% 1 43 27% EGG 


ChoupfSX 17 
Chsa pM.150 ag 
Owe pfl75e 7.4 


11 54% affa 53% +% 151- gt; ERC 

“Ji sft +I« 39% 2ft E Syst .50 
]|= , 51% 29% EagfePLtt 


* E » aft a t j* )S S' %%£*£> 
? 15 « Si 21 ti S a SSS 1 


amuan 11 «75 m* b 14% 14% -% 33*4 «% EaWGFIX 

Chatoea.72 £3 12 81 32% 31% 31% —1% 4m, 35 % EastUUZlB 

Chwwd.ro 4.118 IK 301; 38% 38*, B1% 5ft wXkZK 

OmNY£7a 59 8 1132846 45% 46 8ft ® Eate il 


£2 13 185 51 
4.7 13 780 X 
19 13 314 301, 
£3 48 6225 77 


18 5S0 11% 11% 11% -% 

£2» 125 18% 13% 13% -% 

11 489 ff; ft 9% +% 

1-4 IX 6 ff, ft 

£3 13 1182 30*, 29% 29% 


1% vf.1V 
2% ffLTVA 
tt, VjLTV pt 


ChNY p14.i2e £0 
ChNV pa 78a ?J 


W 1 * 81% 52*8 EKodk £52 13 48 8225 77 78 78% +% 

1132648 45% 46 8ft X Eaton IX 1.9 IB 945 83% X X -% 

X 5ft Sft 5ft -% 24% tft EcMIn X 22 X 1047 23% 22% 22% -% 

« »i«i 5ft 5ft +% 29*, 20% EfcOtabsX 1.9 10 MO Zff, 2ft 2ff# +% 

S H 94 ?£ 4 3ft 31 +J: ,3% 33 EdisBr 1.80 A3 13 5* 42% 41% 42 +% 


m 


LTV PD 
LOuhe 


2ft Iff, GuflR pIlN 6* 


CtapkB X 1.9 34 75 4fl7| 48% 46% -% 


ChovmZro 

CTTiMlw 

ChMl pt 

ChkFuU35t 

ChrtsCs 

ChCtt pf t 

Chrtstn 


*6 25 71X51% 
13 17 13® 

15 65 
1814 280 ft 


Jft Iff, 141, EDO 2 

^ 14*, ff, EdCmp .16 

139 tt9*,+% 38% 21% Edwrdsro 

J 4 «* > ; js, JM| b eor JA 

?, Si +1 2D M% EkJon 20 


X 473 257, 24 2S% +1%l 7 


Ban Tex 
Bandgs .70 


78% 58% 
10% IV, 

St 29% 
50 31% 

31% 21% 
55 47 

87% 71 

103% 91 
UK 87 
X 18% 
18% 12 
«*, 16% 
24% M 
63% <7% 


341, 211, Hit Boa a 


r i l r '- v7i\[ 

h l.T;. i ; r .i\J 


S*?t P * 1 63 1 13 12 12 +% SB tt 

Owteto M 7% 7*, 7% +% w m 

Owya s ISO £7 6 14551655% 54% 54% +1 a.' 

OTUbb IX 24 12 792 70% Sft 70 +% ini, 2? 

OuirehtoS 13 X 1583 14 13% Iff, 10 p, 7^, 

« H» *\ s Ti «• ft “!■ ift* ft' 


X M% EkJcm 2 
7 3% EtecAa 

28 13% EJctapodS 

16 12% Elgin 

3% ft E tad nl 
10% ft Emrtd n 
106*; 78*; EmraE12.W 


10 A3 13 54 42% 41% 42 +% ^ J- p8> 

X 18 19 94 1ft 15% 15% -% St fab GSU 

6 1.3 X X tt, 1ft Iff. -% & %SU -- 

88 L9 15 406 35% 34% 35% +% J4 * a 

X 1.4 18 IX u26 25*, 25', -% 

X 11 16 4 18 IS 18 - % 27% 23% Hffi 


GSU ptM 


20 LI 16 4 18 

27 197 5% 

I A 24 100 lft 


5% +% I 29*, 141, HaDFB U 


£6 71 X tt% M% 14% -% tft 9% 

LX 60 X u21% 21% 2J% +% 1ft ft 

5 1852 0% ff, 9% +% 5 ft 

3 80 36% X 30% -% 1ft JJ 1 ! 

N 72 25% 2ft 25% *-% ft ft 

M 41 20% 28% 29% -% ft 

H H H IS S 

2. ZB 83 14 43 «>27% 27% 27% -% x* 20) 


tt, 16% LOuMtnXe 
40% 30% UdOaZJO 


LatorgaX 

LunaorX 

LamSaa 


17% 12% LawflntX 
0% 4% LpwPt 


12% UreRnta.ro 
38% UwyTrlX 
21% LeeEm X 


13% tt, 13% 


1ft -% 34% 17% 


3636 15% dtt «% -% 1 25% 16 LMMa, 

iwrn. 3ft X% +% IttS aff, LegPtaix 


87 4% 4. 4 307, 30% NUUpl£40 BZ 

3 11% 11% 11% +% 33% 3ft MaMpf£X ' 9.4 

X 27, ft 2% +% 43% 35% MeMpfOX' 9L0 

172 W M% 13% 13% -% 47 X NtaMptaX £1 

£1 27 18% Iffi 18% -% 58% 45% NtaMpMX 92 

5412 115 37 36% 36% -% 61 48% NtaMpKX 02 

14 X 45 11% 11% 11% +% 72 58% NtaMpf&tO 92 

1418 IX W>, 14% 147, +% 2ff, «7, NtaU p| 

«,4% 4%4%-%as%tB MaM pff.SM »1 

£4 22 151 10% tt, 16% +V » 76% N14M0I7.72 92 

297 V, S% 57, 16% 14% NtagSh£2le 20. 

24 tta ■ Iff a Iff, — % 24 12% Ntetat 

£4 X 16 18% 19% 19% 32% 23% MCOR 140 £8 

34 12 *184 SO*, 50% X 1 , +% 10% ff, NoMAI .12 4 

£2 22 81 27% 2ff, 27 +% tt, 7 SortJR* 

- 15 X 2ff, 83% 23% -% Off, 737, NorfkSd.ro £7 


62 2 52 HP; 10 10% +%‘ 

.2 63 375 28 - 25% X - +% 

1247 RIO 04% 81% 84% +tf, 

243 33% 33% 33% +% 

1£ 8 4840*187, 16% tt, 

82 *100 37 37 37 

£4 *100 38% 38% 38% +%' 

S6 *210 41% 40*; 40% -it 

£1 *100 45 45 45 * 

92 *450 S3 Sft 33. -V 


*10X57*4 57% Sff* +%- 
*100 60 tt tt- +?• 


tt 76% NtaMpf7.72 
16% 14% NtagSli£2ie 


*160 60 tt 68- +1- 

311 B*, ZS 75 -% 

1 20*4 2D*, 20% -% 

*337004 83 88 . +%. 


24 12% Vkxm 

32% 23% MCOR 140 


» 1ft lft W% +% 
11 ns. 22% 21% 21% -1 


2222 81 
- 15 tt 


NoMAI .12 
NordRa 


£0 0 221 32% 38% 32% 


25% tt. HalwodLtt 45 tt 01 25% 24% 2S% +% [ t 7% 147, LehmnZMa 

Iff, 16*, Henj6L47e £2 76 u*B 17% TB +% 1 3* i« Leaner 20 


1415 IX 30% 30% 30% +% IX 


09*, 737, NorfkSd.a 


srs i+n tog p't +% 25% 22% HsnJI 144» 

£7 18 1928 105% 103% 105 +1% » X Handto »-56_ 

13 2753 11 10% 10% +% 25% 16% .06 

221 13% 13% 13% +% 2 ft «% Hereto .40 

£5 96 40% 40 40% 40% 25% Hanbd -56 

65 11 27 31% 31 31 -% If* 12, HTOM 9 

75 *16500*. 6 Si. 3®. »% JtarSJ a AO 

7.7 zlH 6% ffj 6% -% 20 X Harfndo.42 

1,9 21 2148 42 4ft 41% ♦ % 19% 13 ftomtah 


2* a 72 lft 5% ERad a 

S 22? il 37% +% 22*, 10% EmryA 


S, S 5 " & + S s: SR BreSrt.ro 

as §?■ «• ;? a ^ is 0 -- 2 , 


CMG pf 475 aa 
ClnG pi 744 &S 
Cine pf 12a 9.2 


52^, *51501DB% 102% 102% + 1%|5,J 5i% EnMu itt £1 17 106 32 

S"" 8 -2 103 30,8 2ft 28 + ’< 1 50% 33% Enron £48 £0211 1044*4! 


2*5 V* VJ4 7% 38 25% EtnpOa 2 as 11 27 31% 31 

, S. Si. + « ft ft Emp pt .47 75 IlttDff. 8 

Z700 87% 87% 87% +1% 71. ip, Emp pi .M 7.7 zIM 6% 6*j 

Itt 102% Ml 101 23 EnffCP -78 1.9 21 21X 42 4t 


22% HanJI 184» 7.7 10 24 23% 34 tft «% Leaftir 

23 Hondlm.56 £l 10 502 27% 27% 27*, +% 201. n Lauretta 

16% HandH .06 £8 219 24% 23% 23% -% t0<, 87, UMS n45a 

15% Harere .40 21 24 19 19% » 19% *% 4S% 3S% UbfyCp.72 

25% Hanbd X 1.4 19 16 39*. 38% 38*. +% Ml 56% LWy a 

10 Harem a 17 6482 14% Iff, M% +% 4ft , URy wt 

28% HarSJ e AO 13 US 627 35% 34 34 -1 4Sh 24* UmM a 24 


tt. 276 10 
4 23 305 33 


16% 18% ~% 23% IV, Norsk n.B5*» 24 


4 235215% 14% 15 +% 

19 968 tt. Iff, IB*, -% 

£7 12 1857 06% 95% 96% +1 

_ 271 Off, 32% 32% - 


33% Off, -% 


11 117 121, 12 12% , 

0 71 10% 10% 18% -% 


33 26% Norafr 1.40 44 tt. itt Sir,. 3ft 37% +% 

ttoa «% Norteka.lO 4 6 Z«t te% is% HP, *% 

48 35% NAPbU 1 £4 17 138 4ft 40% 41 -% 


40% 25% Hanbd 56 
- % 14*. 10 Harem 9 

39. 26% HarSJ s AO 

-% 29 X Hart nd 1.42 

r % Iff, 13 Ham hah 


45% 35% UMyCp.72 
Ml 58% LMy 9 
417, 8- URy wt 
48% 24% UmM a 24 


ft ft +V I 28*, 16% NEur© 2.37a 8.4 10 26 251* 85 25% +% 


14 27 326 28>, XT, X*4 +% I 17% 13% LOCfftCn.43a 


14 11 >22 38% 59% 89% + % XI, 17% NbasiUf.TB 
2 10 26 408680% 97*. 86 +% 13% 10% MndPS 

1514 40 3V, 30% +% 40% 39% NoSfR sl.X 

4 40 3309 48% 47 48 +% 49 38% NSPw pf£60 

34 X 14% 14 14 >*, Off, 46% NSPw pf4.11 


31% 32 +% j 26% 19% HrpRwaflO 
43% 44% * i? 1 3ffa 2ft Harris J 


90 'S’ 171 ' lft lft +% 183% 4ft LtocfNI£18a 4.3 8 298 50% 40% SO +% 


iS. 98% 
8 *« 6 % 
M% ff, 
25 15% 

21 10 % 
Iff, 8 
22% M% 
SI £7 
02% 46 
321, 21% 

ft 




t-i. nr . -Z 7 SfL 103 2nla Zft » +'f 50% 33% Enron £48 £0211 1044*4% 43% *4% ♦ 1, 

± B £ tZTOIft 147, T5 -u 7^ ix% Enm pUia»£7 15 *57% 157%. JOT, *3% X » 

-I 5 *^ u+1 38% 40% +% 213, 13% Branch 40b 16129 1BJ£ u22% 21% 22 1% 32 2ff, 

SS»» ttBOTa 23% 23% -% to% TAX >577 10% Iff, 16*4 2»* » 

?w P 3 48 b. 7 «»1S% 52*, £3% +7, 19 1ft 10% W% -% 35*; 2ft 

§21 ELS, 12 W 8Z% 02% 82*; S g£nT 80 ft 6*7 6% lft ft 

^^plttoiaao zBB3 *00 9ft 9to, +% S HSf .60 1£ 134 5 4% 4% % ■£% « 

§ES. - fL _ ft_ ft ft 2^. S. EntefenMH £5 12<* l«% 15% W% -f-% lft 


CWerp £48 4.B 7 

CTtp pt 0e 7.3 

ettap peaoiaao 

Ctafair .72 SB 
ClabSt .10 .7 4! 

CtorkE 

CtayHm » 

CtvCU 

c*va pi 2 11 


Emu-cos 
Enters 
EnteaE .80 


TAX *57710% Iff, 16*4 1 21% 18 HartSa Itt 

IS ire? 10% W% -% I35*; 2ft HawS 1.00 

00 ft 0*2 6% 1 14% ft Haya*A .40 

13. 134 5 4% 4% % 132% 10 H^ab .« 

121* 16% -------- ■ 

360 1ft 


13% EntwfnLTO 


"®* lft lft + % 1 2*% 14% EnvSys 


SOS 2«% 23>t 24% - % g 


15% Hf% -f % |ZH% tft HMRMJb 


HrpRwtTO .1.8 X 1502 uSO, 33*, 3*, +9% Z77. 28% UncPl £28 £4 

Karris -88 £4 X 1737 37% 36% 30% + % <&. 7t% Uttdfl 

Haw 1 £4 W TO 29% X 2 ft +% mu 43 LocfaM 1 £0 

Hrtnw 9 .92 £2 24 582 X 2ft » +% X 36% Locifta I T.8 

Hausa Itt 67 M 28 Zff, Zft 20% -*, Tft *r% UM 1 1.3 

HawS Ltt £5 13 130 32% X M% +% 30 *1% LoptenX LI 

HaynsA *0 3.1 5 12% 1*% 12% 3C, 20% LomftiaL12 £9 

HazLab.40 L231 057 b34 32% 3ft +7, 34 4 LomMUXt 80 

HRRM>«* . 16 . 19% Iff, 19% +*a 7 2% UmM at 


X 36% Locifta > 
Tft Sft Lnaws t 
30 21% LoptenX 


17% NDBSiW.m &8« 3072 257, 25% 25% -% 

M% NtottS. 3483 12% 11% 1Z% -1 A 

Zft NoSff al.BO £8 11 380 33% 33% 33% +%. 

3ft Nttw pn.ro 7a *50 40 aT ro -2 

4ft NSPWpt4.11 7J| *100 56% 66% 56% 

S TOPwptaro 84 *aooM4% MftioZ;+3 
NerTol .40 T.O 2110 42 41% 4ft - % 

3 Nthgttg X9 ft 0*4 BV 


14 14 >1, eat, 4ft NSPWpt4.1l 7JJ *100 56% 00% 

<0% 50 +% 105% 8ft NSPwpfBTO 84 *300 WM% 10m 

84 3 Sffi 27% "2T, +% 44% Sft NerTol .40 T.O 2110 4S! 41% 

46 5U 847, 84% 60, ->• ft 3 NlhgMfl 239 ft ff, 

£0 8 2696 51% 50 51 +% Sft 3ft Nortrp 120 27 SO 2319 SI 44S, 

T.8 X MO Sft Sft Sft +% 26V 24% Nvfd* pf£S0 98 1. 2S% ^ 


1.3 11 795 7ft 7ft 78 +% 26% 23% NwfP pfZ36 BlZ 3 aft 
LI 13 80 X 25% 2ft ~%- -27 13% NwSOV.IOs .8 18 101.17 


3ff, 2ft Loofti9L12 £9 17 £487 u3B% 36 38 +tt» ISO 


EnvSy PU TS 7.4 142 23% 23% »a 


31% Zft HttiOP2^4a 82 18 80 29% 28% 28% -% 28% 2D% Lori 

2524 5*, 47, ft +% 39 27% US 

090 1ft 13 13% -% 14% M IJU 

Ito 18 2X 27% 2ft 27% +% 43 30% UL 

J a 29 302 347, 33% 33% “7, 7?** 58 UL 

1 21 21 2509 47% 4ft 47% ■»% 3ft 22 UL 


19 If* IS 1 IS. + !* |X% 19% Etfljita*.08 £7 21 375 20% » X>, - ft{ 14% ft 

1TO 11 lft tt, +% ItV v? EaLik 154 682 ft ft ft ♦% 1 30 2ff 


S.%? S a* 9 3 i -5 SfSfl « 


CJorox LX £618 2D1 58% X% sff' 
CW>Md.» .7 Z1 1ZJ 27 » ^ 


X 2ft 

18% ^ 
20 % 8 *, 
4ft 30% 
<?% 34% 
87 027, 

21% 13% 
1ft 9% 
58 35% 

00 ft 
*7% Vg 
16% 9% 
28*, an, 
115% 709% 
6$% 51 
UPS 27 
15 91, 

28% 15% 
27% 1ft 
22% M% 
15 3 

X 29% 
38 30% 

3% Iff, 


m 


CoadmutO £9 26 20 
CoereSL 5 u 

CaeareijTO to 37 221 
Owl « 2.11 ao 22 

CocaCtal.12 2-4 19 x6 


1ft ID EqtRI n 1 

86 3ft EqVtelBO 

1ft 8- EOuHac.W 

35 19 ErbmnlX 

3ft X EsaBusX 


23% 29% ♦ % 15% 3% vfHocka 

X 25% -ft >4% ff, ffacloM 

ft ft ♦% 30 2ff, HnHmn.ffiB 

241; 2«% *% 39% *7% HefHg to 

Iff; 10% 4% Sff; 36% Heinz 


£8 15 X 647, 64 643, -% 38% 22% HebreCSOa 


2524 5*, 47, 

090 13% 13 


£9 26 20 13% 13% ttj ^ V E&X Jl?0 m % 33* 3ft ’ «5 

n lr SS IS* *7% 18 -% 3ft X EeaBus-SB 15 17 41 3to, X 30% -% 34 

37 2® 4ff; 40 48% 33? aft ESzChS .00 L7 24 431 035 3ft 34% +% 30 

£4 19 lera* 25 t Si 2ft ^4 &*Wna 3TO X 18*4 tt 10 -% ft 

, ™ ” 420*6*8 447, 46 % + ft 4 , .40 f .4 20 *17812(P« 27% Z7*a Tft 

4 ® SS25 ,77 « 2ffl 18 ErcStartXa 92 * WJl +J» 59% 


0% '-% j 27% tt, HrtmP 


CocCEntole 

Cotaco 

CotamrttoO 


aft EazCfi 9 .00 


15 17 41 3to, » 30% -% 34 
1.7 24 431 n3S Sft 34% +% |30 


HercuW.78 
HartC tod 


«ft Hrahy a 54 £0 10 577 29 


to 12 1 38% 35% 35% +% 

1.4 61 52 2ft 25% 25% +% 

aois tws 59*4 sa% 5B7, -% 

.1 451 1*34% 33% 33*4 


.1 tt 9284 18 17% Iff £ -% 

,, X99 12 11 % tft +% 

ailS 3?% -% 


CotGuaU --5? 5? ’ft M 141* +1* 3ft 


6»a 2% Haaawn 

tft ft Heam p 
59% 3ft Hewffkto2 
487, 34% Hfwcol 50 
Zft W% HtShara aA 


f'4 34 X U mM Ojatm 
+% 7 - 8% UmM wt 

”% 28% 20% LotMBK44 

+% 39 27% UStar ItoO 

— % 14% 10 LiLCo 

+ % 43 30% UL pfE- 

“7* 72*4 X UL pU 

■*% aft X UL pOC 

+ % 31% 22% lto. prt* 

+ % 31% Zft UL pW 

-% 33% Zft UL pfU 

. 29*, 21% UL pfT 

-h 87% 71% UL pIS 


£9 11 310 27*, 20% 27 +% 4ft 3ft NorwstltoO 


.e is 185. tr 1ft 17. 

*2 419 47% 40% 47% +% 
«T1 291 4T% 41 41% +t; 


&? “3f? -J " 131 37% 38% Sft -%. 


88 13 208 20% - 27 27% +% 46% 29% Nucor a .32 .9 16 434 35% iS 

«« 38% +% I 73% X Nyoae *148 Mil 5620 6ft W 5ft +u‘ 


1527 1*% 11% 11% +% 
*200 40% 40% 40% + % 
zfiOO 70% 70 70% +*j 

40 -30% 30% Off; +% 


% OaMnd 

2ft. OaWJeflJZ 


£2 11 5620 07% 67 07% +% 

OO 

_ 2 IMS 1% 1 1% ■' 

£0 10 21 a®< 301, 30% 


22 31% 31% 31*,+-% J® Sgffii-ff, A 14 MS 1ft . 1ft 16% +%■ 

132 31% 307, 31% +% ^ f 5 * g^^ 50 W 48 8820602% 31 31%.+ %- 

31 32% 32% 32% +% 3 .. I ' !?. 11? i 11% "U 


ColGa rt5.ro £7 


£2 W 456 Srt, 50% 51 ' 


Cofejrna.34 t7 

CofSv p| 

cso pi aaa &s 
CSO pr a 1525131 
CombKEM aa 
CmbEn 1 £6 
Comdia -X 1.4 
Comdax .7 
CCndnlX .4 


1867 14% Ml, 14% 14 

X4 14% iat 4 T4lj +l< M 

Ln X +t 4 I® 


ziro lift 116 116 


62% Exxon a» 4.4 11 7368 Bft 0ff| 8Z% + ft 407, 34% Hwat tot 

22*0 Wa rtShors A4 

F F F iff, n% Hivoft .it 

20% «aC n ,03 b .1 16 49 25% 25% X 31% M% Jf tabd 9 

15% PMC >9 468 32% X 32% +% 86% 6ft HKIon tr 

28% FPL GWH £4 11 3«1 3Z% 31% 32% +% 39% 30% {*“•" 

07* FatOr X £4 33 8 11% 11% • 11% 74 4ft HtaxM.aea 

ft pS£i a 2C 1ft 1ft 19% +% 82% 54*, HcUctay 

ft PbhUdX 1.5 13 DM 1ft 13% 1ft -% 1ft 11% Holldywf 

31 pSteflOtoO 92 31 u38% 3ft X +% lS% 98% N0M * 


£0 19 827 X 27% 27% -% 87% 71% UL pfS 

» ft 3% ft +% 23% 17% UL pIP 

10 12% 12% Iff, 237, Iff, UL P*0 

A 27 5X8 557, 55 58% +% 3ft 28% umgDr .70 


207, 20% 207, -% 
nto to 88 +2 


Sft «% Oprt» pNLX It 
*25 115 Orea pf 14 IL 


s, Sa-% IS S2? 


A 27 SOX 5ff, » 58% +% Sft 28% LongDr .76 £2 19 419 34% 34 34 . -9 

t4Q 13 43% 43% 43% +% 4ft 37% UM JO LS 19 M97 44% 4ft 44% +1 

£5 0 IS 17% 17% 1ft M 11% UGtanl .88 <4 20 30 1ft 141* 14% +l 

12 X X 15 1ft tft 371* 23 LaLaad 7 £9 91 1887 34% 54% .34% +* 


HfVoff .17 1224 X 15 M% «% 371* X LaLare 

WhTbda 22 350 Zft M% 20% 39% 2ft LaP»C 

HKton 100 £1 a WX 847, 817, 84% +3 3ft X% LaP 

Htamr n I960 38% 37% 38% +% 38 9ft LeR. 

HtacM.48a .7 31 1819 6^s 05% 80% + % 44% X LewOi 

Holiday X WTO 817, 01% 81% +i, ,i% 22% Lotrae 


*■5 8 UK 5ft SB 
2-6 X 377 3ft 38 


56 -% 

?» -s 


33% 15% FMG 

38* 28% FPL GW 4 £4 

1ft ff, FabOr X £.« 

19?, ft Facet 

tt 07, FttrabdtoD 1.8 

X 31 Fare ptaro 9L2 

lft S Fafaw 

20i, lft FanarX ]A 

17 11% FonaW .60 4.0 

» 11% FrWrt 8 AO ai 

28% 13 Fwah 

11% ff, FayOrgtoO 12 


11% Hall 
90% Hoi 


54% .34% +% 


28% OgdM 2 £9 i 
17 OhiOEdltoft (L3 \ 
» . ObEa .ptt.4ar. 9.o 
31 Oted pt7to4 9.4' 
67*, OhEa pf7-3B 9.1 
73 OhEd pf&ZO 9 l3 


20% 2ft 3ft 22*. LaPac rob £iai zmsa 37 37% +% ■? 

017, 84% +3 Oft 20% LaP ptA4toO 1£ I ft *V 5 S 2S II’ 

S 38% +% 38 9ft Lett ptttt It. SO 90% 38*, 26% - % 25* “g- £55 1, 

00% +% 4ft x touwaaro un w »t s sft -% Su, S5I 1 £l?i 


Comdia .X 1.4 a 688 141, 14L. ik -3 S. pwmh 

Sf ?J ?g I S $ ? I Ss H 
as*'. ... ir El” 

fjrf ni ,49 3L9 9 J52* 6ft » Fnran Pi*?** 


006 6% 8 6% +% Zft M*. KotneO 

15 10 579 iff, lft 1ft +V 38% Zft MmFSDtoO 

4.0 48 1 Iff, 1ff| Iff, -% Zft 20% Hmadto 20 

£14 200 13% Iff, '2. -V 1ft ft HBWP*.» 

11 189 17 18% lto, 12% ft HmBBA.15 


34X17% 17% 17% +% 1+0% 25% Uftazf 1J0 41 19 BOB 
1.0 22 30 106% 104 104 -ft 1 30% 22% Lt%* * At 15 24 Itt 


11 189 17 
£2® 11 ft 


X 1449 2ft 24% 23% +1% 

to 7 470 3ft 33% sax, ♦•* 

.7 SI 1227 20% 2*% 20*, + % 

£0 4 tt 12% 12% «% +% 

1.2 4 21 12% 11% 12% +% 


a a 

2 ft Sft +% , 


IL 17S4 5S*, S47, 55*4 +% 

IL ZMO T25 124 i25 + tt- 

_ „ 268 iff, 17% 17% 

oSI 1 252 70 Bft 70 +ft 

M» ««2i% 2i 21% -% 

o2-- H2-, 45 «..4s -*L 

0.4 *200 77 77 77 -2^ 

*•1 2 *00 80% 80% 80% 

f3 *500 08% 88% 8ft . 

\Y « SJ ™4 3rt5 -% 

»I '34% 94% 34% +% 

« ,Z*% 2x\ -% 

10 *3400105- -TO* HJfT , 


18% 11% MAC0M4 
17% 1ft MA»F 


Cw€ pi 1.42 £9 
CwE pr ItoO £3 


L *’’« 

67 23 


LS 2 568 3ft 31% 31% -% ’“ft P™ 48 ’£ *3400105 TO? to4 I? 

4119 9X 3ft OT, W, +% 10% 18% lft +% 

1 Z? m a-aat^s g-g£|. -u- a- a s, 4 

m “m « ^ ^ .f Pa&“ri--3pi5 s a - 
- ?s"s saa >■»»« * a s ar:? 


sl SSS^ » if* ‘ft tt% +.%• 

25* &i!? » « » ay. +i 


E? 2£ 8 -5 « ^ 30% 
2ft 227, +% | 40% Sff, 


Mn 11® no* or-, 

FdHm pi* S3* 7 to 2 «% 6ff; 
FdUogi.x arag UL S! S* 
FadMI 22 .7 « 8* *ft ^9 


& S-S S, § iJcT 1 .72 2.0 17 ZsS g », +% « » « 2BJ1 +% 

S KSSitt* «x ”« S IS tvk +H tt% MDU 9 L42 £7 IS W»J X X -5 \ 


3ft OwnWaifl 
0% Orange 


17 ” s. 


Ccmtinucd on Page 39' 







5 r : *«w 


®i a *5 






FinarjcialVIimes Wednesday March 11 1987 00 


3 & 


NYSE COMPOSITE CLOSING PRICES 


12 


Ofga 

W fib Qm§ Ptaw 

^ w Br.m f IDQsUgk tm Ota On 

Continued from Pfege-38 

A -'.1% -OrlM 
«?* M% OrtonC 


27 




S4»* 251* . OrtonCtfLIZ 7J *1US^ OS S* 

X. t£ 4 JS®' "Swobm *a 0 w w« 

IS* 2 F 4 2 S 77 uw% w% w% +> 4 

*£* - Eli 9^ f* S3 4Q MB ut2% 12 -1ft *% 

2*% ZA QUOMUW 2.0 40 WISBVi, 31 32 -a, 

am. ib ov&Mp so uu w ^ - 21% 22% +% 

zft Eft owwipn 01 monaa* zn, ao ♦» 

S* Ch 5 ? , » - a® 2332 fins aw« aw* 

.-mi W, Qxferd JO. UK 28 ,1S% Ift JS% -% 

T P Q 

2®» ?§> PHN I.M U17 2104 37% 36% 37% +% 

•ft 5*»2 pm 2. is 20 to 737 sn* ami or* +> 4 

*& am. ppg «< 2 -or. 4y. <?. -% 

£% w% pkas U4 oj 1) Wt W| »i 

®% am* PacGB 1.82 72 jo it«W| a*. 39 -% 

37 « PMCU0&4B UK an ga% a% 63% + 

*7% 11«« Pacta* V n Ml 18 t^- 

28% 21 Pacta pi 2 84 12 23% 24% 25% + % 

17% n PacSc* M 27 28 18 M% wjj 14% +% 


82% -43% PacTatsSJff U 


«i wrni 
31% 21% Pacn Hi 
33- -31% tarUfirtdB - 
3B% as . Pamw* jz 
24% 24% p&mvnsr 
■% 4 . puAm 

3% • t PaaA.wt 
33% 241* PanECn 2 
»> M% taMM* 

"*1% a*% tanapti .at 

l -vasT.- ■ 

*% A PtuMMM 
w%r am, Puut 1 JO 
« »l talPlr 
Me B Patten sJBi 
W% ft PagiNP AO 
wa tayCsa.w 
S2% -53% PenCan.US 
WO BS nmm.8 

<3% 31 Part. 2JN &7 Q 02 40% 40 


ao% ja +% 

a-.-a-a 


38 45 pan. pM.48 8.0 

M 48 PaPL pf4.80 8.7 

KM 06 PM* pp). 60 8J 

TO1 72% PaPL pr&TO &« 

89% PM*L pr II WL 
88% 77 PaPL pr a S3 

109 83 Pan. prt 70 SO 


11 

40 

s * n ina am 

UK 2030. _ . , 

M ' 283.34% an* 24% +% 

. 7748 41, 4% 4% + % 

' W Hi 1% 1% 

S3 509 31% 31% 3T% +% 

-U 1027 1ft. 15% 19% +% 

j ao 254 am* am, sr 

MB2A 7% 7% +% 

A 34 34 23% 2Pi 23% 

1.0 281 4%. - 4 4% +% 

23 T7 an 35% *3<% 3v* +% 

■47- 3% ■ .3% 3% 

SI 23 174894% 23% 24 +1 

(ik m n 13% 12% 

.7 20 8 to an* 24% 24% -% 
.1 S3 WKS4 59% 63% — % 
» 14 3532 97% 84% 86% +ij 


828055 S4% 95 -% 

Z40 51% 60% 51% +1 

*270 90% '9ft 88% 

X10 86% 88% 88% ' 

*200 1» 108% UO +1 

138 96 88 96 4-% 

24401ml 86% ff| + 1, 


44 PKMft£2B 14 18 W 84% <3% 64% 4% 

3W| 25 PrjPw prl.00 U 18 37% 37 3A 4% 

84>i 48% 'PapnztOJH) 28 83 1132 1< 4 38% 80 41 

“ " 081036823 22% 23 4% 

A 35 578 SB, 51 SH, -f'.l 

18 20 1018838% 33% 35% 4«U 

4240 70 12% 11% 12 -% 

L8 24 1218 33 39% 33 4% 

8.8 7 678 7% 7% 7% 4% 

18 3B 127 13% “ — 

22 » 2003 31% 34% 3T% 41* 


84% 

28% W| l>eopEt*.44 

a 

13% 10% tafkp nJD> 
36% 33% Part® .80 
7% 3% PmiinJta 

MPi tz ParyOr 22 
85% 23% Pftrie .70 


W 23% Palta 257a 88 24 31 80% 31 4% 

00 18 Patta pfl-57 SB 80 16% 015% iy* -% 

3 1 PMmr 172 1% 1% f% 4% 


TT 537, Pflwr 180 

32% 16 PMpD 

» 48% -Pttotppr 5 

36 17% PMaQ220 


®l M' CUE plASaO 88 

«% 38 POE PB430 BJ 

» 40 FKE {004.68 «2 

H7% 75% Pn£ (4G8L73 22 

W| 1T% PPE pmui M. 

13% 10% Ph£ plP1J3 ML 

31 Pm pMTJK SI 

10% PJiS (80(28 m 

. 120% Pr£ MHT7.13H. 

1W 111 PIC pMISJSK 

W% 88 PIC pB-132 83 

103 83 PIC pOCSJO S3 

88 89 PIC pUIM SO 1250 86% 

85 68 PIC (417.75 S2 1120 84% 

18% 19% PtiHStJ a .84 S3 44 27 17% 

81% 51% PhHMra 3 15 14 5265 Kin 

22 13 PMK4 B 36 X.T 18 833 20% 

14%. 8% PhllPM JO 4J M 8896 13% 

24% 18% PhlPl (41671 7.7 72 20, 

45% 33% PMVH .40 .8 « 132 43% 

13% 8 PMorp n 

71 35% PtadAv 32 

71 48% PwdA of 

an* 17 Piwwaji 
19% 8% pier 1 a J8 
11% 7% Pttjjflo 17a 
15% 81* PtJqPr rUBa 
45% 30% PUspjr a 
33% 20i* PlamEL-Ua 
43% 26% PtmyBa J» 

168% 108 PlnS pet 12 

15% W% Plitatn 
33 15% Ptatoan 

04 14% PiaMm .16 ' 

W% m. Playboy 
38% 23% Ptevry 00a 
8% 41* PogoPd 

85% 54% Poland L20 
4 TT b 17% PopTal J6 
21% 12% tattoo 
36% 24% PbrtGdJS 
28% 28% PorS pt28D SO 
35% 31 PorG (44.40 14. 


Z* 16 4373 73% 73% ♦!%] 

28 1073 30% 28% 30% +% 

88 227 58% 56% 98% +% 

96 8 3152 23 22% 22% -% 

m 42% 42% 42% -% 

830048% 46% 48% 
c200 51 81 . 81 -13J 

170 99* 85% 851, -% 

68 13% 13% 13% +% 

37 Q% 12% W, 

1300 88% 88% 86% +% 


18 12% 12% 12% -% 

X171SB12W* 191 121% 

13370111% tfltO IHP*-% 
250 101 102 102 

2000 1017a 101 101 %-f% 


85% +7, 

3£ 5£ 

13% 13% 

2<% 24% 
_««%+% 
M7 0% 4 7% 8% 

A 18 6488 67% (7% 67% 

163 87% 67% 67% -% 

&7 12 23 23% » 23% 

A 32 704 18% 18% 18% -% 

U 183 8% 8% 8% 

.1 H 523 13% 13% 137, +% 
U 3222 44% 48% 43% — % 
.4 41 30% 30% 30% — % 

17 21 2200*44% 41% 44% +A 
12 8 uT7B 172 178 +8>. 

« 2*ia sa-ji 

78 68 31% 31% 31% 

.7 20 84 33% a a +% 
87 10% 10 10 

X4 W 1 371* 37% 37% -% 

238 7 7 7' 

1822 400675% 74% 74% -% 
S1 18 378 *42% 40% 42 +1H 

» tt 12% 12% 12% 
7.014 148008% 27% 27% -% 
10 28 22% 28% 

.14 31% 01% 31% 

35' a% PiwG p«.32 is 18 32% 31% 33% 

80% 40% PMMtlja UK 72 78% 76 78 -% 

SB** 37% PMHS2JD W 12 488 48 48% 46% -% 

54 46% PMB PM04 3J ±10052% 52% 52% +% 

25% ,17% PranksiOe <4 13740«% «% 24% +% 

37% 25** pwmla ±4 12 2+ 136,35% 34% 35% +1% 

20 2P\ pitoufelSO. 4810 13(028% 27% 38% +% 

a 901890% 20% 90% -% 



91% 15 flytad a .40 

23% 15% Rymar 
14% 11% Rymorpn.17 


13 

<3% 


& 

v«. Wi 




mi 

B% 

a to% Sasxi a 24 

30 a 8UOLP1JB 

17% 8% «(UM 

■1 41% SUKU M 

«% 




S..R 


Si 

10 8% SsMr n 

96 61% SoaPMJO 

39% 27i* 8CWnM.20 

15% 6% 8dM .12 

a*s 5& Scoop i» 
18% 12 Scooys J2 
32<4 12% SaaCot .42 

7% SaaCi PM ‘ 


as% 16 % 

49a 24% PrbaaMOK 
21% 20 PrmMU 
91% 857, ProdGSTO 
217, 14 PtdM 32 

41- 27 nptor- 140 

2 1% PnrfWC 

8% m, PnrfU 88a 
22 b, is PSvCol 2 
26 21% PSOtH p» 10 88 

10% 10 PSW 8 

48% 95% PSto pMS60 SO 

15 77, PSta PB184S0 

15% 8 PSto P«C1.06 SO 

S3 » PSto (407.15 87 

in 83% PSto .pmsa 88 

TO a PSto (*5838 87 

114% 87% P8ln PJH896 88 

11% 7% PSvNH 4 

25% 17 PSHH f* 

26% 17 PNH p« 

33% 94 Pl*l PfC 
31% 21% PNH pm 
31% 22 PNH pC 
97% 187, PNH pC 
28% 19% PNH (BO 

38% 30% PSVNM282 
48% 34% PSkEGSM 
27% 25 PSKS P&« 

KM 63% PSEG PC7.70 

101% 8n« P86G pf7.0O 


2 30 1407 *46% 451* 46% 

69 21% 2M« 21% 

SO 21 437191% 80% 81%.-% 
X625 127 20% » 20% 

4.1 6 33% 33% 33% -% 

4 74 1% 1% 1%. 

S3 75 7% 7 7% 

89 10 771 20% 20% 20* -% 

18 24% 04% 24% -% 

319116% W* 10% 

nomas a » -% 

1000 12% 12% 12% +% 

120012% 12% 12% +% 

Z2DQB2 83 82 

118 97. 96% 87 +% 

>200 96% 96% 96% +% 

1310 101 100 101 +1 

z20 &, SS, +5 
3 23% 23% 23% +% 

1 a a a 

2 a a a +% 

a ae% a a 

14 93% 23% 23% -% 

8 24% 0«% 24% 

7.7 11 1002 36 37% 37% +% 

7.215 128341% 41% 41% -% 

SO 2 25% 95% 26% 

70 *80 97 97 87 -H, 


80 *2180967, 88 98 +% 

81% P8EO p(6 06 89 a® 91% 91% W% +% 

S% 80 PSBQ pa4Q 7J *50 95 95 M -T> 

^ " 22 as *60 103% «n% W3%+2% 

63 36 31* 3% 3% 

.9 M M a 2M, 29, -% 

.3 9 31 29% 28% a +% 

85 a ns 20 % 20% 20% -% 

14 21 338 8% 8% 8% . 

.7 a *830 17% 1ft 17 +3* 

1220 35% 34% 35% — % 

is a 5 % - s% 5 % 

a 482 17 19% W% 

1817 1007 48% 48% 48% +% 
28 14 1114 28% 277, 28% +% 

. TO 4% 4% 47, +% 

114 12% 12% 12% 

134 12% 1ft 12% +% 

<3 17 2567u4ft4B, 40* -% 
J 18 67 36% 35% 36** +% 

--1 24 M M +% 

I R R 


105 9ft PSEG I p«« 
37, ft PubAck 
24% «% PuaWo 30 
307, w* ro cmfc 
— hgolPUt 

Pudmo .« 
PutoHrtR 
PtffoM 
Pyro . 

QMS 

CHwkOa .60 
oumflawa 
Quanex 


25% 18% 

10% ft 

a 10 % 

35% 15 
8 5 

17 7 , W% 

507, 32 
3D 23% 

8 3 

12 i* 12 % QoP /1 n 

12 % 12 % 

49 26% QuestolJO 

40% 22% OAml -39i 
27% 15 Qkflel w* 


10 


ft rbw.^ - 4 !»„ «, S!l S3L S 4 ti 


140 

22 % 

271* 

131, 

79% 

3% 

11 % 

1 ft 

2ft 

1 ft 

38% 

15% 

1 

ft 

42 

11 % 

14% 


66 % tayon_ 

s? ^^ vao 

3L 

KP« 


S* RJR~ Nbl'60 27 16 8717 60% M% 

I ^ a 19 18 165 10% 

g 4 sin ■ 68 " 8 ^« ? s* 

S. RatePufl.24 15 16 1270 8T% 60 Mi +% 

z t zzT» "3 S B & S. a 

Z3 *5 7B1. R| +5 

141 ft ft ft -% 

7 7% 7% 7% 

82 8 4 1ft «% 2£* ' 

22 587 u2ft a a% +% 

SB a sa ft ft ft + In 

J 10 ITMWn, 377, 41% +4%, 

48 10 «% W% Wj c 

l” a sr-x r-i 

2 ? 8“ "& SffliL 

«° « g-*-®"-?* wsSSliSni * *51 

aft * SffSi “* If* IS* 

ift IS 4 Sf!En jo u « a 5% 43 «% +% 

45% 2ft Benwp SO a 25% 2ft “% 

2ft IE* SSSSf - *! 16 14 1705 5ft 5ft Oft T> 


(taboKB.ia 


ftoyMfl 

120 « nG. 

37% 29% ^ 

M% ^ " 

& V 

SSS w 


57 2?* SS’ , bK50 88 5 117% 1"%2«> + 7 

82 "WE ES ss « aft 2£ 4 2f« 

18 15 *200 a ®% S. “I 4 

1 J 21 1149 37% 36% 37% +% 
TO 1% 

76 1ft 

0 382 IE* 

S2 7 485 237, icj% 

S0 12 73 4ft 44% 44% +% 


, RvrOB* 

107, Roto«t1-M 


1 1 
«% 1ft +% 
«% 191* -% 


29% 21% 
52 


^ - S5»??S ao 17 m S% 5 

MS. IT*, RckCir 1-76 gpl 53,^ 5Z% 52% +% 

st ? sssSi ?? *8 a a =* 


2JJ JO 746 4ft 


tt 255 30% »% W; +% 

5 40 1840 33% 32% »% +% 
26 2* 158 1ft 


1 ft +% 


155 a% 77% a +% 

27 7 * ft ^ 4 + ’* 

438 600 «P* 


- RodHitrvOTB 

Ip, 

3 5 * m** pStoE*-® 

Si 35% Bo« r 1W 

Si 8 

I ^ S K K 

lim SSPESEEi 


2298 s. 


12% Tft +%. 

4.9 13 

- T l 


ft 

P/ 0» ' 

Stock n» W. E lOOsHigk law DoMiCJcn 

Ruato a 17 9 18 253 19% 19% 10% +% 

RymnH UD 26 14 2Z 47 47 47 

Rydar • Z3 UW 2173 39% 39% 38% +% 

RykOft JO 23 K 215 20% MP* 2ft -% 

" L2 M 974 d32% 60% 32% » 1% 

106 50 22% 22% 2ft +1* 

87 38 13% 13 13% 4-% 

s s s 

•nd.17b1.5M 42 1ft 11% 11% -t* 
24 13 47 40 391* 40 4 1 

■ 75 30% » 2ft +% 

.3 643 16 147, 16 +% 

SS8 *203.13% 13% 13% -1* 

18 1273 77% 16% 16% -% 

490 6% « 6 -% 

.6 » 546 29% a 2ft -1 

51 11 5 36% 9ft 3ft -% 

12 TO 12% 121* 12% +% 

.5 25 1141 n 78% 771* -% 

pGLSfe 50 *190 49% Wl 48% — % 

64 1.7 11 7100 39 38% 3ft 

SB11 875 3ft 38 36% +% 

to 46 111 8% 8% 6% +% 

SjuanRSe 3 11 W, W, 

»' 2* . SAuWEaM 8618 22S 31% 91% 31% +% 

2ft M% StaEPSn V4. ‘ 193 30 1ft 20 +% 

3ft 2ft 8PaSoP -1 26 46803ft 35% 3ft -«-% 

45 98% IMm 1 23 20 2260 43% 4ft 43% 4 % 

23% 17, SavEPaJS 80 9 210 17% 17 17% +% 

>4% 117, StwE pfl.26 27 5 W* W, TT, 4% 

“ 1% Sayto 337 2% ft 2 

3T>* SCANA232 &8 12 748 36% M 35 -% 

~ 11 ft ft ft 

1.9 22 13598ft Bft Ml. 4 1 

SI *460Sft 38% 361* 4% 

J 606 iUft U% 1ft 4% 

1.718 8*8 80% 79% 80% +% 

S4 19 213 15% 15 18% 4% 

28 M 16% 18 W% 

14% 7%' SaeClpIlM IS 44 12 .in* in* 

ift w% SoC prazm k m ft is h 

1ft ft taaC (4C2.T0 14. . . 38 15% 15 15 

51% 3ft ShC {DD4.12 10. 4 401* 40 .4to« 

71% 37% Seaorm 1 1.4 IS 4904 71% 69% 7ft + ft 

W, 12% Seagel 288 TT, 16% IP, 

‘ 11 22 206 47% 4ft 47% 4% 

12 13 60S o3*V34% 84% +% 
SB 14 6218 591* 5ft 52 

39 8 3954 361, 371, 381* 

a 269 30% 30% 30% 4% 

39 181* 17% 19% 4% 

537 28% a 28% 4% 

SI 5 851 23% 23 23% 

S2T7 097 277, 2ft 27% +1 

<0 73 2961 73% 72% -73% 4% 

L7 15 740 33% 33% 33% 

11 231 7% 7% 7% +% 

00 25 *104 a 27% 277, +% 

SB 14 178 25% 247, 25% +% 

.6 12 200 u35% 33% 33% -% 

14 10 470 37 36% .38% . 

J II 711 48 471, 47% -% 

85 12 41% 4ft 41 

115 21% 21% 21% -% 

SB 17 250 17 1ft 167, +% 

3 28% 2ft »% -% 

180 ft ■<% 4% 

S7 16 1221 lift 111% lift 

1.3 21 68 46 4ft 47% 4% 

16 23 758 36% 3<% 38% 4-1% 

12 148 1ft 10% 10% -% 

94 47 221* 22 2ft 4% 

33% 7ft Sow ' 2 18 3445 u3ft 33% 34% 4-1% 

23% 18% SonyCpZSo 1119 105121% 21% 2ft “% 

~ 17 25 25 25 - 1* 

50 44 42% 42% 42% -% 

19 16 » 43% 4T, 43% 

51 30 32% 31% 3ft 4% 

10 » 29% a 29 -% 

8810 3000 337, 33% 33% -% 

80S 5126 2ft 26% 2ft +% 

18 12 35 37% 37% 37% -% 

10 13 151 571* 5ft 57% +% 

2ft 10% SoUnCoJO 99 in 13% 13% 13% 4% 

60% 44 SpmSrKfl.12 Si U 3355 ST, 52% ST* 4 1 

76 89% Soudd (4 4 19 2* 7ft 69 60 -ft 

14 6 Sownrk24& 1 S 12 859- ft 8% ft 

90% 38% Son* pMUK* IS 85 42% 41% 41% -% 

28% » Son* pDL31 11 M 2ft 28i* 28% 4% 

~ “ .8 15 2827 2ft 231* 2ft -% 

.8 125 317, 3ft 317, 

10 13 m 2t% 21% 21% -% 

15 11 3208 11ft 1W 116%+% 

24 12 S3 23%. 22% 23 +1* 

7.0 11 1134 3ft 30 30i* 4% 

S811 *653 177, 17% 17% +% 

TO 95 217, 21% 2ft -1* 

06 18 37 57% 56i, 57% + 1%l 

1615 *555 51% 501* 81% +% 

1.2 Hi 1495 Wn* 161% 163% 4% 

SO 27 1218 2ft 0ft 2ft -% 

17 378 52% 52 52% -% 

IS H 382 23% 227, 2ft 4% 

518 1ft (ft 101* 

1.418 KM 2ft 22% 22% -% 

01% *0% SUM 280 <7 3201 5ft 58% 5ft +% 

33% 2ft SUPto: M 11 15 881 U34 32% 33 

5ft 24% StfPUs.64 1-2 18 18 Oft 51% 5ft 4% 

1ft 14% StmdaxSZ 07 15 97 1ft 187, 19% +% 

32 18% SauA s .93 29 13 *242 31% 31 31% 

33% 23% StttfWs JB 23 13 893 33 ft S 

_* — - -- 2.4 IS *1 4ft 457, 457, +% 

11 » ttt* 121, IT* 

04 n 4,1 4, 

1810 120 

23 18 1267 53% .'53% 

09 <4 883 41 'q40J* 

18117 243 291, ,2ft 

7.1 yIM 14 13% 14. +% 

. 9 37 11% .1070 Kft -% , 

0914 37 57% 58 58 -ft 

.9 48 758 89% HP* 86% - 
<5 268 71ft 78% 78% - 

10 21 377198% 57% 5ft +1%| 

14 12 263 15% 1ft 147, -% 

9 1119 ft ft ft +% 

W.10 » 237, a Zft +% 

0618 473 3ft 34. 3n* -% 

8 131 11% 10% 1ft +% 

J x51 60 30 60 +% 

333 TO, d fl ft “’I 

40 27* 16% 15% 15% +% 

13633 118 18 1ft 19 +% 

10 17 734 60 6ft Sft 

129 9T% SunC (4025 1.8 5 TO% TO% !»,-% 

84% 48% SuadtodJO SO (M 1177 581* 57% S8% +2», 

- - - - S21 ft ft ft -% 

H 08 6 7», 8 

05 14 UQI 26% 26% a +% 

17 22 4007 25% 20 2ft +% 

.7 2* 40012*1% 407, 41% -% 

43 3 1ft 1ft 1ft 

18 215 1ft 10 tft +% 

00 a 2134 W% 7ft 91% + 1%| 

J » 945 96% 34% 34% -% 

TTT 

ft ft TCW n 2386 pTO ft ft +% 

53% 3ft TDK ,44a .8 17 1 47% 47% 4ft -1 

547, 38% TECO 052 18 13 800 4ft 45 45% -% 

10 8% TGC 108 197 ft 8% 8% 

24 1ft IMP 1J9 1012 8. 23 2ft » -% 

8ft TRW S» 32 14 1138 100% 89% Bft -% 

% MTacBt 4 174 1% - 1 1% 

BO TMBnn.18 A 860 154% 1K% TO -1 

17 TaBsy JO 11 16 308 27% 2ft 27% ■»■% 

“ ' ' 14 51 2ft 2ft » -% 

08 21 768 65% 8ft ST* +% 

A 22 3460 52% 52 52% -% 

37 3 *7% 17% 17% 

1.5 382 40% 39% 967, -% 

K) 3% 2% Z% -1, 

12 17 259 3«R, 3*ft 3*7% +1%; 

U 39 650 37% 36% 37% +% 

18 2540 88% 6ft 6ft +1 

.8 S 017 Tft 76 7ft +% 

19 9007 1)47 45% 4ft + 1% 


477, 33% SWA* J2 
34% 23% SMdPwLIO 
5ft a Sun 2 

a S SecP*cl4S 
W, aucCps 
2ft ft SvfiRaa 
32 21 Svcmto 

a 17% 8haMee.T2 
28% 15** Stabs. 80 
Tft 3ft SMDT093e 
35% 22% Stain J6 

TJ 6% 8tatoMi 
2ft W, SAowM57e 

a 21% storita.72 

34% 10% SeMApJOb 
38% 28% Slow 134 
S5>, 3ft Stogar JOb 
42 M Stopr [4150 
22 19% Stntem 

21 1ft SkylBM .48 
Staoary 
ft' ft' riSmtti 
114% 7ft SmKB 3 
48<* 371* Srauckr .60 
371* 2Z% SnpOnn .64 
11% 8% Snyder 120 
22% ,1ft Snydr-pCOB 


jot, 18% SooUn 
457, 40 SoprcC 140 
4ft 31% SeJorlCSO 
38% 2ft Soudwnlb 
31 04% SooBk* 

38% 2ft acMBaaa 
29 20% Sodtcaw 

4ft 30% SotodGSTJ 

61% 46% Sicn 268 


2ft 1ft SwAM .13 
317, (ft SwCorJSe 
21% 17% SwiGtoda 
K£P t 68** 9w6dU 140 
24 18% fiwEnr J8 

377, 28 % ships 012 
2ft 15% Sparton J2 
2ft 1ft Speed* 

81 41 Springtf.52 

557, 38% SqoarOU* 
16ft 88 Squibb 040 
34% 23% Staley JO 
54 4ft Staley ptSJO 
27 tft SMPitf -58 
II 8% SBFBK O 
2ft V4 SfMotr .32 


47% 36% StanaHUH 
13% 71% StoMSd.13 
4% ft Stongo -in 
1ft 1ft 8bfficp JO 
54 41% ‘StoHDOl.K 

43% 30% MmiUD. 
31% 28% 'taWnlM 

in* 12 swvcpr 1 

12% 7% SUM 
SB 4ft StooaWUO 
82 40% SumC JO 

Bft 48 StoflC pOJO 
61% 4ft StopSblW 
21% 137, SKxEq 140 
7% 2 vts»rT 

24% i7% smMtaeae 
30 22 StrWRl .88 

1ft ft BumrSb 

62 68% SunCliBl.12e 

10% 10 SunOfen 
16% ft Sued 
21% tft SunEndia 
63% 44% SunCo 3 


5% 2 Sun ton 

ft ft Sun 14 pH,19 
» 1ft SunTr ■ J* 
28% 1ft Su0VM,.4a 
4ft 22% 8upMk* J6 
1ft ift Swank 
14% 101* SyraCp 

841* 50% Synw 1.60 
» 24% Bywo a JB 


m 

& 

27% 

ao 

68 



ft 


H% Taney pi i 
4ft Twnodal-ao 
30% Tandy J5I 
. 14% Tndydt 

43>, 27% Tektnta JO 
3% ft Teicom 
367% 291 TekSyn 4b 
4ft 17% Tairata AB 
101% 52% Teto* 

76% 44% Tompln.72 
46% 34% Tetm»104 
107 101 Tene pr 11 11 
29% 15% Tordyn 
IS 7% Teeora 
27 H7, Taaor (4010 17 


40 Z7% Texaco 3 

25% 121, TxABc .1ft 
31 16% TaxCm .76 

37 2* TeaBst • 1 

S 2ft TextadJOb 
109% 102% Tednst 2 
30% 23% TxPac 40 
37% 2ft TexUtBSM 
97, 3 Taxfl to 

70 50% TcdrMdJO 

70 Sft Tmdr pOJ6 
11% 8 Thaek 
2ft 15% ThraCa 
05% 37 TKmBae.52 
24>* 15% TtionilnBab 
21 1ft H un MedO 

S i2 Thorlas 
3 ‘ TWwb • 
iv% 3% TlgeTln 
81% 8ft Tima .1 

37% 13% Thnplx 
67% 54% T hn eM 1.84 
3ft 30% TtoUwn 1 
11% ft Tlian 
13% 11% TUan pi 1 

297, tft TodShjP-32 

S i 25 TodSh paw 
, «% Toktwm48 
26% 21% TotEd piSISB 16 

32% 29)* TflCd ps.72 10 
33% 29>* TolEd pKS.75 12r 
32% 29% TdEd pH47 11 
37% 33% To0=d p«28 10 
Z7i* 2ft TolEd PI03B 11 
25 20 ToCd p/221 14 

24% 19% TotE *(18400411 

28 6 Tofl&r « 

32i* 19% Tanka a .08 
66 33% TooM 40b 

38% 25% Trctimk 1 
33% 21 TeroCoJO 
ft 1% Turn * 

3, 2ft To*co pC3a 

7 2 wJTowia 

3%. 1% w(Twfapl 

25% ToyRGa 
24% 16% Traoor J6 
15% 12% TrameltaO 
3ft 127, TWA 


1 102 HZ 102 

235 ZFt 22% 22% -% 

307 12% 12 12 “% 

U 55% 24% 24% -% 


10 12 5749 341, 84% 34% +% 


i 6— , aft 

.115 .13% 13% 1ft 

06 49 1586 30 2ft 2ft +% 

091706 2056 3«% 337, 34% -% 
00 23 42 27% 27 2T* + % 

1J145 1B»«ft 164 165%+% 

1.5 33 15 27 26% 2ft 

108 235035% 34% 347, -% 

134 627 ulO 0% 0% -% 

00 11 1570 64% 8ft 64% +% 

SO 5 70% 70% 70% +% 

51 1 9% ft ft 

33 215 28. . 27% 27% -% 

09 21 232 31% 51% 51% +% 

12 W 60 01% 21% 21% +% 

07 18 7 447, 147, 147, 

18 42 23% 231* 231* 

190 5% 5 5%. 

141611% 11% 11% +% 
11 .IS 118967%- 87- 87% +% 
24 670 U41 381, 40% +2% 

U.rt 369 64% 03% B4% +% 
19240 403 5* 521, 5ft -'1 

123 131 7% _7% 7%‘ 

10 8 ' 1ft 12% 12% +% 

SJ6S 25- 2ft; 2ft 2ft -% 

It 24 291* 29 29i* -% 

1.6 36 662 u3Q% 29% am* +% 

IS 24% 2ft 24% -% 

14 30% Sft 3ft 

3 9T - 'SI 31 -% 

5 31% 31% 31% 

13 34% in* 34% +% 

24 26% 25% 28% 

70 24% 2ft 2ft -% 

1771 u2B% 27% 2ft +% 

J B 247 24% 24% 2ft +% 

.6 71 20 82% 61% 62% -"% 

1212 3179 32% 31% 31% -% 

1.814 140 32 3ft 31% -% 

310 ft ft ft 

11 617 29% 2B% 29% 

■■r-s a “ 

43 1905 99% 39 . 38% +% 
1.8 20 4217.20 1ft 1ft +% 
11 ® 13% ‘Ift 137, +% 

958.28% 27% 277, -% 


2-1 


19 13% TWA pi 2-25 11 Iff ft 1ft IT 

40% 31% Tranent. 76b 11 » 1791 34% 34% 34% -% 

2ft 2ft TrantoCJS 17 IS »*'2ft 26% +% 

15% 11% TraGdMl.12 12 860 u15% 1S% 1ft -% 


ift 12 Tmscap 
60 35 TraracC72 18 

73 4ft Trnc p(S87 16 

57% 4ft Tmw: pK73 15 
1ft TranExlTB 08 
7% Transtfl 

TiGP pf05O 
TMdLqn 



13 13% 13% 1ft +% 

1077 47% 46% 4 ft +% 

I 59 59 50 

II 56 58 56 

491 17% 17% 17», +% 

15 23 6 ft 6 

S3 222 267, 26% 261, +% 

ZSeutft 19% 1ft +% 


Cb> 

12 tank r/ ft One tax. 

High Law Stock Dw. Tld. E 10bH(|k bw OmOn 

35% 32 TrtCu pt05O 74 2 33% 33% 331* 

3ft 20% Trtoto ,12 J M 39 37 Sft 37 +t% 

55% 20% Trflnd pl.12 .3 5 u35% 35% 3S% * », 

79 5ft Tribunal 20 1.9 11 3» 76% 76 Tft + % 

3% 1% Trier* .04c 15 491 2% 2% ft 

77, 4% Trtco .20 05263 B3 7», 7% 7>, 

25% 131* Trlnty .50 01 50 389 24% 24% 24% -b 

Oft 42>« Trtnova 1 19 9 577 «3>* eft 63 +% 

21% 13% TrttEng 10b .0 13 94 ift ift ift -% 

28i, 2ft TrllC pi 2 7 7 3 26 28 36 - % 

65 46 TucrEPELOO 10 13 KS79 61% Sd% 50% - 1% 

5* 12 Tunas a 32 1 5 17 295 2i% am* 21% * % 

1ft 14% TwkiO* .70 30 US 10 171* 10 * % 

4ft 29 . TycoLD .40 6 20 SZZ 4ft *7% 4m, + % 

17% 11% Tyler M 09 21 1W 137, ift 13% +% 

U U U 

64% 40%. UAL 1 1 7730 5015 50% 57% Sft + 1%, 

54% 17 UCCEL 32 56 32% 32 33% f % 

26% 17% UDC a 020 110 <1287 24% 24 24% +% 

S » UGI 004 19 13 233 30 2S% 2ft - % 

13% V* UNChlC 10 83 1ft 10% 10% +% 

31% 25% UNUMn-Wa .4 687 27% 271* 27% 

21% 14% URS .Hr .7 22 564 70% JO 20% +% 

4ft 36% USFG 048 S3 13 1371 487, 4ft 4ft t % 

62 52% USFG pi 4.10 00 15 01 00% 60% -% 

48% 32 USG ■ 1.12 07 12 1364 41% 40% 41% *1, 

36% 17% USPCia 44 2SB 35% 35% 33% 

2ft M% USX 1.20 4.B 5031 247, 24% 24% -% 

53 23% USX pl4IJ5a 16 130 43% 42% 42% 4-% 

2ft 227, USX pf 035 15 199 Sft 26% 2ft 

106 6ft USX pi 10. 75 1L It 98% 98% M% +% 

1% % USX wt 25 % % % 

34% 13% UtMto 17 S0 24% 23?s 24% ♦% 

32% W, lMFnd.20 .7 10 106 293, Zft 2ft «-T<a 

171 85 UnHw STOP 02 10 0 MO 168 160 + 1 

00 19 254 25ft 255% 258% +3% 

24 20 759 661, 66% 60 -% 

15 4 4140 27% 2ft 27% +% 

15 72 9% 91, 91, -% 

10 10 1540 29% 2V, 787, - % 

10 *200 40 40 40 - 1 


262% 14£% UnMU 7.170 
70% 43)* UCampl.04 
2B>, 1ft UCaib 1J0 
13*4 B UntanC 
31% 22% UnElaei.CS 
41 33% UnO pl3J0 

52 43% UnCI pMJO 

52% 66 Urd p»40 

297, 27i* UnEI piZBS 
2ft 22 UnQ p(013 
94 Tft UEI pM 1 17 
19% D UnEjcp 1.50a 
7B% 40>, UnPac 2 


2 WO 51 50>« 51 

173206ft 82 821* +1% 

13 29>* 29 29% 

3 26 257, 26 +% 

Z5Q 91% 91% 91% -1 

90 23 159 1ft 177, 1B% +% 

0 7 795 747, 73% 74% -1* 


150 111% Unta pr7J5 <0 2 15ft 15ft Uft -% 

lift 57% Uftttys 000 05 3279 Hft 10ft WB% + 1% 

71 401, Unlay ptlTS IB *231555% 04% 05 +1% 

2% 1 Unit X 2% 2 2% 

22i, (5% UAM n .06a J 37 2M 21% 201* 21% +% 

35 . _ 


9** 

IK 

Z* 


23% 

UCMTV08 

J12S 

57 

34 

3ft 

34 

+ % 

271* 

UtHum 232 

73 B 

84 3ft 

Ift 

31% 

+ % 

Hi, 

littht pr2JO 

as 

*350 23% 

23% 

+ % 

15 

12% 

UMu pi 1 90 
UnmndOib 

12 

3813 

5 1ft 
250 1ft 

% 

1ft 

«% 

-% 

3ft 

UndtnQ 

.7 

27 

33 

32% 

33 

+ % 

2ft 

LUnrSk JS 

JO 13 

807 2ft 

2ft 

Zft 

+ % 

ft 

UUMM 


44 1Z<* 

12 

12% 

+ % 

ft 

UPkMn 

1 

127 A 

Sr 

2% 

*'l 

30% 

UaaUO .12 

.3 12 

5695 47% 

4ft 

- 1 

ft 

USHom 


4083 A 

ft 

7% 

+ % 

3A 

USLaas .88 

1.7 13 

101 50% 

sto. 

5ft 

-% 

191} 

USShos .46 

1 J 30 

641 261} 

2ft 

2ft 

-% 

1ft 

USToOsl.20 

<4 15 

488 271} 

27 

ZA 

+ % 

471, 

uswsiaaoa 

SJ 11 

2046 551} 

5ft 

56% 

+ 1 ? 

A 

UnSKk 

13 

33 ft 

8% 

6% 



171* B% Umvar JO 
29 20 UnvFd 8 JO 

11% 10i, UmMRn.3te 

33% 25% UnLotdl.W 
22% 13% UMKbn 
33% ia% Unocal 1 
150 74% UplotralBO 

4ft am, usufeuo 

12% ift IMtoF 1.06 
37% 25% UtnPL 032 
29>* 25 UlPL (6036 
267, 22% UP! (42.0* 
347, 2ft UUBCo 1.49b 
77 74% UMCo (4244 

37% 32% IHHCo pM.13 


11% ft UStek pi 1-30 U. 11 10% iur, 

56*, 39% UnTacm.40 0 7 15 3798 52* 2 517, 02 

31% 25 UiKTal 1.92 13 17 6659 30% 33% 3ft +% 

37*y 3f% UnlT 0)11.50 <1 1 367, 36% 38% +1% 

2ft 15 UWR a .92 <5 W 81 20% 20 20% + % 

2ft 10% UnlMe JO 14 518 14% 137, 14 +*, 

— - " 1.2 4S2 4)17% 17i* 17% +% 

26 19 139 26% 28% 26% +% 

10 *389 11 10% 11 +% 

35 11 94 32% 32% 32% 

17506B0 17% 17% 17% +% 

31 21 1609 32% 317, Sft +% 

1 J 36 2432 1451* 142 145% + 2 

09 9 680 41% 41 4|1* +1* 

14 25 11% 11% 11% +% 

15 12 2677 26% 26% 26% -% 

16 47 27% 27% 27% -1, 

10 241 25% 2S% 2ft -% 

40 11 90 321, 31% 31% -% 

ao 26 25% 25% 25% -% 

IS 15 33 Sft S3 - *2 

V w 

Sft 26 VP Cpa .721B H 2043 39% 37% 38% +% 

11% 81, Valero 3009 11% 10% 11% +% 

26 Ift velar pQ44 IS 102 25% 20% 26% +% 

1 Vatoytn 44 6 ft 1% 1% -% 

37% 27% VanOmtIO S3 14 9 3ft 347, 341, 

ft Varca 52 2% 3% 2% -% 

tft 71* .Vans pi 10 ift UP, 10% - % 

30% 22% Vartan JS J 456 287, 28% 2ft +% 

3% 1% . VarHy 509 2% 2% 2% 

17% 12 Vbro . .40 08 39 115 159, 15% 1ft -% 

18% 12 vaaco -40 02259 334 18*1 1ft 19% +% 

10*, ft Vendo 69 9% 9% ft 

15 13 VdstaalJOa 12 33 1ft 14% 14% -% 

13% 4% VWvn 19 445 67, 0% 6% +% 

62i, js% Varans J8 J 2247 51% 51% 51% +% 

68% 51 VUS> pi 5 7-5 z20 98% 66*, 66% 

100 M VoEP pULBO 18 3 90 98 96 + 7, 

107% 100% VaB (0180 13 zSD 103% 103% 103% - 1 

101% 60% VbE pur. 72 7J *70 98% 98% 96% -ft 

251* 17 Vbbayl-Olt <216 38 24% 23% 24% 

28 17 VtolaCn 12 163 20% 26 26% +% 

91% 87% Vornad 24 » uM 921, 96 +n« 

144 00ft ,Vldc«4 .140 .0518 <0 . 136% 137% 137%-% 

H% *•% ,wus > -. . er s% ft o +% 

59 AC JNilABM.50' 14 zQ>„ 03% .53% 4ft -ft 

48- T7% 07 35 , X • 22 01% 21% +% 

'89 8% 6% 6% —1, 

J 37 4B75 l)59i* 57% 5B +1% 

1.4 23 1845 379, 37 Sft +% 

13 18 155 467, 46 46 -% 

0511 777 57 55% 507, +1% 

12 *350 12** 12<« 12i* 

1.7 . 6 t)94% 92 94% + 1% 

32% 181* WmC s .40 1 J 20 4329 U32% 31% 32% +ft 

827, 46% WmC 1*363 0.8 963 uM 62% 625, +3, 

76% 50% WanvLI.GS 0216 2980 747, 737, 747, +7, 

— — — 14 12 130 27% Zft Zft -% 

15 9 *60 31 — — - 


8%~ >4 Wainoc 
66% 30 WatMrt .17 
38*2 291* Wstgrn M 
30% 37 WbICSv.OO . 
57 39% WaNJml.40 

13 10 wall P» 1 

S3 M «MU pM-BO 


30% 23% WtehOa.70 
35% 29i* WKtafl.00 
31% 24% WsJiWt 048 
76% 41 -waan .72 
42% 2ft WaUUn .40 
4% ft WaanU 
28i, 13 WaMD .20 
11% % vjWadto 
2ft 16% WetngALU 
41% 33% WatoMk.64 
56% 367, WettsFalM 
52% 46 Waff pi 3e 


30% 31 +% 

1453 854 28% a 29% +% 
.9 22 1732 761* 747, 76% +1% 

12 17 170 34 33% 33% +% 

» ft 2 2 

.9 9 572 21% 2ft 21% +% 


_ 1% 
13 2D 169 25* 
1.0 19 25 36 1 

09 11 724 S3** 

10 


51% 44 fMF pi045e <B 


12 7 


30 21% Wam 2 

17% 9% Wondya 34 

40% 24% WoatCo J2 

68% 4ft WPanPpM.50 

65% 45% WstPtP02Oa 

n% ft wnen-fl .80 

17, % WCNA 

9 3% WCNA'pr 

18% wanSL 04 
B'« 3>* WIMon 

ft ft WnU pCS 

Tft ft WlW ME 

17% 6% Wim plA 

48% wane i.40 
50% 3P% W*wc s 1 
SB 30% Wayarn.30 
ST? 45% Wayr piZSO <2 

13% 7% vJWWl 

29 18 wjWPtt pfB 

41% 29% Wll rIpIsl.TO 
33% 21 WNtahl 

35 - 23 WMnak.60 

171* 0% WWrad .12 
22% 11% WIHoKS.18 

32>, 17% WHHand.40 
71, 4% VWJabrO 

17% is, wnaun 

56 361* WMNilOO 

20% 9 Wbmbg JO 
6% - S'* Winner 
«%■ S% WlntacJlfla 
45%' WteEiCM 
106 98 WWE piBtBO 19 

10ft 92 WisE pl7.7S 7.7 


a*»0 is* 

391* Sft +% 
. 53 531, 

400 497, 48% 467, +% 
1® 50% 50% 


12 10 132 2ft 21% 21% -% 

02 5138 11 1ft W% +% 

14 18 SB 38 

7.8 *20 57% 

14 15 UO 641* 


37% 37% -% 
57% 57% +7, 
63% 04% -% 
260 Dl1% 11% 11% +% 
423 % 1116% +1-1 

S% S% -% 
201 * 20 % -% 
S% ft 
ft 21* -% 
ft 3 -1, 

ft 8% -% 
64i* 66 + 1% 


8 ft 

219 2ft 
408 ft 
20 ft 

25 ft 

5 ft 

01 15 4777 M 

01 H 400 4ft 471* 47% +% 

04 » 4866 557, 53 50% -% 

TO 66 86 68 -1 

46 9 9 9 

230 19 » W +% 

09 14 6548 37% 36 37%+ft 

433 62 28 2ft 28 +% 
1.8100 X 34% 39, 39, -% 
1.8 10 18 8% 9% 9% -% 

.7 14 60 2ft 21 2T% +% 

<4 1705 32% 31% 91% -% 

1 5% 5% 5% -% 

81 17 1ft T7 +% 

19 18 *18140% 46 461* 

1318 468 15% 15 15% 

tl. ft ft ft -% 

04 20 32 ft ft. 8% 

02-11 481 Sft 51% 5ft -%. 
*310 101% 101% 101% -% 
*100 101 % 101 % 101 % + % 


68* 44% WIkPUUM 1912 299 51% 51% 311} -% 

63 44% WbcPS 3 09 13 143 Sft 507, 01 - % 

4ft 31% Wtoa 3 1.12 06 « 552 43% 42% 48% +% 


1ft 

4ft 


% 


WohrrW 
Wtwrtti ,1.10 
140% 69' WWW (4230 
ft 2 WrtdAr 
19% 14% WrtdVTn 
54 32% Wripiy »L04 

4% ft Wmttr ■ 
17% 11 . WyteLb .32 
25% 17% Wynna JO 


82 101, 10% 10% 

04 15 1961 47% 46% 4ft +% 

1.0 • 2 134% 134% 134%-% 

33 ft ft ft -% 

41 1ft W% 18% -% 

00® 210 Oft 4ft 51% +1% 
25 3 ft 3 +% 

1.9 80 139 1ft 1ft 16% -% 

03 13 20 21% 21% 21% +% 

X Y Z 

74% 4ft Xamt S 4.1 H 2503 73*, 72*, 73** +% 

58% SO Kara* [45.45 18 800 55% 55% 55% 

2ft 21% XTRA .04 04 521 27% 2B% 267, -% 

201* 13% YotMn n 23 201 (Cft 201* 20% 

2% Zapata 259 3% 3% 3% -% 

437, 2ft Zayra a .32 1.021 5911 327, 31% 3ft +% 

151* ft Zenre* JO- 018 60 13 1ft 13 +% 

207, 187, ZanbhE 1881 25% 23% 25% +1', 

1ft B ZanLb * 77 25931ft 1ft 12*4 -*% 

22% 12% Zara JO 19 20 46 19% 1ft » 4% 

50% 32% Zumln 132 06 ® 264 50% 49% M +% 

ft ft Zuntig iLlOa 10 806 ft 9% ft -% 


Salaa Ogum am unoildaL Yaarty N(|ha and (owe reOact ttio 
enmioud 52 weak* piua the ounta waak. but not Oh WTO 
trading (toy. Wharo a apB or Mock dMdand amouCng to 2S 
par cant or mora hubaon ptod. tbayaai'a htoMow range and 
dMdand are artown tor ttw naw stock only. Unless attwrwise 


327, 25 


Tnwle»0» <2 11 3091 81% 5ft 51 +% 

Troy pK« 7.8 TO Sft 54% 54% 

TrtConlSBe 11 170 Sft 32% 32% +% 


notsd. ratoa of tOvktondaam annual dtobunaoMMa based on 
toe Mast declaration. 

a-dMdand atm extras), b+nruai ran of dMdand phis 
stock dMdand. c+quidaitreg dMdand. cktrolad. d-naw yaai% 
tow. a-tBvktend de cl ared or paid In procadtog 12 months. 0- 
cHvWand kiCanatSan funds. sub|aict 10 15% norwaaldanca tax. 
1-tMdand dactorad tolar apiit-up or stock dMdand. HOwMand 
ptod this year, entotod. dntwrad, or 00 action taken at torn 
dMdand meeting. k-dMdond dachsed or paid this year, an ap- 
cumutodm laaua wtth tfivWande in arnan. n+ww lamia In the 
past S2 waak*. The hlgMow range bagbw wtth the start oi 
trading. nd4w*t day dtotoaiy. TVE-prica-ewningarotkx r-dM- 
dand dactorad or ptod in procadtog 12 months, ptoa slock dM- 
dand. a-atock apIL DMdenda begin with date of spirt- toe- 
Btoe*. t-dMdend ptod In mock to procadtog 12 months, esti- 
mated cash utoue on ex-dMdand or ax-tartbudon date, u- 
new yearly high, v-tradtog halted. wWn bankruptcy or recatoer- 
toito or bak« reontasad under die Bantoupuy Act or aaou- 
rfbaa assumed by such oompanies. wtMBa b tou to d. wt-whan 
isauad. ww-wilh warrants. *-n*+*>ktor a or wlQta rtte e^- 
d bt r teuUoa xw wi t h out warrants. y-ox-towUand and sales to> 
TU yU-yMd. z-esles to TO. 


AMEX COMPOSITE CLOSING PRICES 


9/ Sta 


Stock Bkt E 100, High 

law Dm Choga 

ACtHW 1121 

Tft 

ift 

1ft 

AOpi UO 4* 

M% 

ift 

14% 

AcmaPr.lMa 3 3 

ft 

ft 

X ' 

Acton 29 

ft 

A 

Ariftml 51 20 

23% 

2ft 

23 % + % 

ABoW 20 17 

ft 

ft 

9% + % 

1 Aipnaln 79 

ft 

A 

V,* % 

Abas 601301 

29% 

2ft 

29%+ », 

Amdahl » 49 2258 

39% 

3ft 

35% + 1 

Abram JOa 9 128 

26% 

2ft 

3ft 

AMzeA .52 11 40 

21% 

2T% 

*36 

45%+ % 

AM8M 05 

Atari » 

41} 

4ft 

ft 

441, 

APracs .16 91 9? 

1ft 

15)* 

15% " % 

AmRoyl 226 

ft 

6% 


ASoE 00 SO 

ft 

5% 

S%+ % 

Ampal .08 9 IS 

2 

1% 

2 + % 

And* 3 5 

ft 

0 

8 - % , 

AndJcb 32 

ft 

ft 

3% — % 

ArzOnwt 2 

B 

9 

9 - % 

Araom 30 

2%d 2% 

Z%- % 

ArafxB 11 15 

22% 

22i* 

22% 

Aamra JO 154 1508 

ft 

9 

ft+ % 

Aatrato 750 11-16 

% 

% -1-16 

Amrin 25 731 

AriaCM 421 

20% 

1% 


2ft- % 

1 + 1-16 

Adasvd 01 

ft 

ft 

ft 


0AT JOB 
Banstrg 
BaryRG 
OanCr .32 
McCp 00 
IHflV .44 
BtnkMt 1 
HouMA 45 
BowVto.20r 
Bowmr 
Bowijb .SO 
OrscveeJO 


<04 

CM) Cp 
Canca .44 
CasHA 00b 

CtryBa 
enmpH 
CtvnpP .72 

CMMOA J4 

Chmv120B 

Cntowo 

CmpCn 

Cachm <40a 

ConrCp 

Canada 

COWMU 

Cron 1.60 

CmCP 

OCPB 

CwCpiD225 

Cubic J9 

Curwe -M 


B B 

2846118 8 

131 ft 6% 
11 471 10% TO 
20 02 25 24% 

10 13 321* 317, 

13 52 Mi, 13% 

13 5 28% 38% 

30 11 M% 14 

350 VP, 13% 
H 36 3 ft 

T7 1452 u36 34% 

17 195 SO 25>, 

C C 

W 4 307, 30% 

HI ft ft 
25 5 16% 16% 

475 62 14% 141* 

11 2 23% 23% 

429 IB-16 1% 

20 162 58% 58 

17 x320 247, 34% 

15 9 22<} 22% 

13 8% to* 

93 91* ft 

14 xO 23% 23% 

20 6% B% 

125 t% 1% 

13 3 241* 24% 

21 50 537, 53% 
1086 15% 1ft 

33 131* 13 

5 2ft 26% 
Bf 31 18% 19% 

18 10 1)40% 3ft 


8 ♦ 1-16 
ft 

1ft + »* 
25 ♦ »* 
32*. ♦ % 

14 + I-. 

20 % 

14%+ % 
W,- % 

5ft +1% 
!ft+ % 


3ft- % 
ft 

1ft- % 
14% - % 
23% + 1, 
1% - 1-16 
58%- % 

z&+ ’J 

B** 

ft 

2ft + % 
ft 

1%+ % 
«%+ % 
537,+ % 

W%+ % 
13%+ % 
26%+ % 
16%+ % 
40%+ % 


Stock Bar 


n ai 
E IDBtWgh 


tsar Cbm Oagt 


D D 

DWG 00) 2*8 47, 4% 

Damson 407 % 5- » 

Datata .16 21 30* ift » 

Datmad 432 n-H 9-10 

OHard .12 » 555 44% 43% 

Dwoaa 20 ft ft 

DomeP 1186 13-18 

Oucom JO 396 19 W, 

E E 

EAC 7 ft ft 

Eaflta 65 Z% ft 

EsJrrCo 1 13 25 27, 23% 

Estop 290e 10 16 31% 31 

EehoBfl .14 2117 321* 31», 

EfeUnor 107 S’* ft 

EntMks 6790 a W. 15 

Eapay .40 15 27 H% W 

F F 

Ftoata 2 40 ft ft 

FAusPn 1 1170 8% 8% 

Fto c aP Jit 3* 1 16% 1ft 

vjRanto 14 27 6% ft 

Fluke 100) H 121 25% 25% 

FmiKG 19 546 6% ft 

FbralLa 40 625 2S>* 28% 

FreqEa 22 TO 28% 27% 

FrurtLn 4855 ft ft 

FurVh JO 28 270 12% 117, 

G G 

GRI TO 105 ft ft 

GahcyO 152 7-16 % 

QaLp 530 ft ft 

GntYlg 20 182 16 1ft 

GJatfttt .50 20 214 34% 331} 

(Sam TO 13 33% 33% 

GldFld 2 7-16 7-10 

GmdAu 220 2 2*1. 341* 

CnDC .60 271040 TO 48% 

C remits 4210 Kb* ft 

Greiner 13 203 14% W, 

GrdCns .42 17 46 1ft 1ft 

GOCda .02 391 19% 1ft 

H H 

4% 4 

12 % 12 
2ft 24% 

13% 13% 

33% Sft 

4% 4% 


Hatmi 

HampUlsn 
Hasbro .09 
MtthCh 
Heko .10 
HershO 
HottyCp 
HmeGp OSe 
HmaSna 
Hernial .60 


HouOT ,48a 
Htnkyg JO 

ICH9 

lmpOllgl.50 

InstSy 


16 392 
8 SO 

15 507 
124353 

8 114 
8 

5 30 

a 9i4 

905256 
21 14 

434 
807 
321 

61653 

724 

16 200 


% 

% % 

13% 13% 

ft ft 

ft 8% 
I I 

187, 18% 

451, 44% 

2% ft 


47,+ % 

% tv# 

13 - % 

1V1B+ % 

V-\ 

T3-1B — H6 
TO + % 

87, + % 
ft" > 
237,- % 
31 + % 
3ft + % 

15*-% 
W%+ % 

5%+ % 
ft- % 
«% 

2ft + % 

29^ - % 
27% - % 

9 

12 

ft 

7-16 

ft + \ 
W + % 
3* + % 
33%+ % 
7-10 
ft „ 

40+7, 
10*4+ % 
141*+ % 
15%+ % 
19%+ % 


4 - % 
12 - % 
2S - % 
13% + 1% 
33). + % 
4%+ % 

23% - % 

XI 

18**- % 
45% + % 
ft- % 


Stock Or 


W Sb 

E 100a Mgb Law data Oags 


InsSypi 3St 13 3 

MClyfl GO 11 12 13% 13% 

— .10 46 M*. 13% 

12 132 6** 6 

J K 

44 31 ft ft 

Jetron .771 11 7B 6% 6% 

JonnPd 42 4 ft 

Jorinlnd 9 82 21% 21 

KayCfH* .12 4 43 10*, ft 
KeyCoA.2Se 13 22 «% «•* 

Kmarfc 16 88 3% ft 

KbtW 70 3% 3% 

KogarC 040 500304 38% 30*. 

L L 

LaBarg IS 1% 1% 

LdmkSv.lSa 10 83 11% 1ft 
Laser 16 M 14** 14% 

LaaurT 13 1510 u 0% ft 

Uonal 3 269 ft 8% 

LorTa) 212211 21% 20<« 

Lutaaa .08 20 102 28% 27% 

LynchC .20 35 20 22*} 22% 

M M 

MCO Hd 5 1ft 13% 

MCO Us 5 % % 

MS) Dt 40 W4nM7, 14). 

MSR 35 1% 1% 

MadPs .12 39 1 17% 17% 

Ualtah 55 1ft 9% 

Mato* 16 485 14% 13% 

Madias J* 50 eOOuSff. CO 
Mam .00 28 0 1ft 16% 

MchGn 71 1% 1% 

MtoanwJBa 4 6 11% 11% 

MtcME 34 34 TO* 14% 13% 

N N 

MPaad .10 407 15% W. 

NMxAr B 5 237, 23% 

MProc LTOa 17 77 31% 31% 

Nyrmas.38 2910B6 45% 441* 

MewbC JSr 21 2% ft 

NCdOG 48 9% ft 

Hum 01 8 77, 

O P Q 

IS 4 231} 23% 

11 7*, 7 

30 793li34% 337, 

8 5W 5-10 
21 2 3ft 321, 

7 509 W% W 
3 2% 2% 

b am* so 

18 151 (07% 103% 
75 2 ft 

125 68 5 47, 

R R 

17 5 7% 7% 

2 1ft 1ft 
206 15% 14% 

7044311 01% 58% 


OEA 
OOklep 
PaKpa -34 
PE Cp 
PstMC JO 
PWfl-D 23a 
PtonrSy 
PHDwn 
Piinnyl.aO 

PopeEv 

Praald 

R8W .10 
Ragan .12 
Rantbo -72 
Raan A 


3 + % 
13%+ % 
ift - % 
6%- % 


4 + <a 
91** + % 
1ft + % 
*%+ % 
ft + % 
3% 

30%+ % 
*% 

11 % + 1 % 
141* 

9 

8% — % 
2ft -1% 
27% 

231* 

1ft- % 

147, + % 
1%- % 
17% 
ft 

1ft + % 
60%+ »* 
16 %+ % 
1 % 

11 %+ % 
W%+ % 

15%+ h 

sr H 
ir-*% 
?r * 


23%+ % 
7 - % 
3ft- % 
5-16 

321,- % 
W%+ % 

ft - % 
2ft + % 
107 +3% 

ff, 

5+% 

7% 

1ft + % 
14% - % 
61% +4% 


P/ Sb „ _ 

Stock Dor E 10b Mgb low Ona Qtoga 


*3000130% 129 129 — T 

10 4 ift 1ft 1ft + % 

- 


?B+ ’« 


Resit 8 
RsiasS 

RstAaAJOa 10 9 n 
ftckwy .33 30 195 1ft 12i* 12% - 1, 

neoaro .12 31 13 ft 24% 24% 

Ruefcks.32a 13 44 19% ift 19 

s s 

SJW 1 60 11 3 37% 37 37% + % 

Saga 4 7% 7% 7% - % 

Salem 36 4% 4% ft 

Scnottn 30 18 04 18 171, IS + % 

SecCap JO 88 6 5% 6 + % 

Sal l iron 26 168 9 ft 9 + % 

SpedOP 86 12 7 sr, ft- % 

Sdtevn 58 4% 4 4%+ % 

Sttnwd 32 15 13>a 13% 13% - % 

Store I 175 13 V, 1% U* 

StortSft 16 387 13% 13 13% + % 

SthilW 6 O* 1% 

Synatoy 0 4% 4% ft 

T T 

3% 3% 3%+ % 

ft ft ft 
1ft 17», 18%+ % 


TIE 

Til 

TabPro JO 

TandBr 

TctiSym 

TechTp 

Tana 

Teksph 

TmptEn 

TaxAta- 

ToUPIe -38 

TnSM 

TubMex 


390 
12 54 

24 43 

28 40 

14 *89 
12 65 
5 
157 
063 
713422 
16 434 
7 39 

3 526 


13% 13 


1ft 

ft 

ft 

3 


Ift 1ft- % 


5% 

ft 

ft 


ft+ % 
ft" % 
ft 


121} 121* 12% - % 

47 46% 461. - 7, 

21% 01% 01% + % 

1ft 1ft 1ft - 1 

21* 2 ft" % 


u u 

USfttnd 81 17, 1% 

UFooCA .10 42 IBS 2% 2% 

UFoodB 48 263 3 ft 

UntvRa 2 ft ft 

Un«Pat02S 35 14% ift 

V w 

VlAmC ,40b 13 15 21% 01% 

VtRtoi 25 7% 7% 

VomU 11 31 9% 9% 

Venpta 7 35 5% 5% 

WTC 3*1 ft ft 

wangB .16 5887 16 15% 

WShPat 1 JS 24 TO 192 188% 

Wttitrd 17 1% 1% 

Wtolcos JS 7 0 21% 21% 

WeUAm 3 45 ft 2% 

WelGrd 87 4% 4% 

Wstbrg JO 13 3 ift 15% 

WnsM 21 1154 29% 26% 
Wichita 30 1% 1% 

Wlckas 195792 4 5% 

Wttotrm .40 17 24 231, 23% 

X Y Z 

Zimer *9 3 2-'i 


1%+ % 
2%+ % 
ft+ % 
ft- % 
14% — % 


21% + % 
7% 
ft 


§ 


.+ % 
1ft + % 
1B1 +ft 
1% 

21 % — % 
ft 

ft + % 
ift 

29 + % 
ft- % 
* + % 
23% - % 


OVER-THE-COUNTER 


Nasdaq national market closing prices 


Stock 


S a bi IVgh Lew last Chug 
IHbM 

20 %+ % 
15% + % 
19% 20 + % 
17% 181. + % 

ft 


W 121 20% 20 

281508 15% 15 

H 752 20 
651 1B>* 

10 7 ft 

92 0 441* 44** 44% 

56 IS* 3ft 3ft 36% 
221115 M% 14% 14% 

2 42% 42% 42% — % 


AOCa 
ASK 
AST 
ATAE 

ACekro I 

Acutay JO 
Acbned 
AdvTal 

.49 

ADBab 
AgcyRs t 
Agnictto 20 
AirlMbC 
AlaFdl .12 b 
A tooHH 
AlaxBr .I5r 

AkuBa 1.36 15 392 49 

AHA me 89 267 12% 

.24 12 458 28% 2ft 28% 


23 141 14% 1ft 14% + 

29 514 24), 24 241, + % 

3M 34% 2ft 2**,- % 

tt 391 12% Ift 12 - % 

6 3H 25% 24% 24% - % 

17 226 207, 20% 20% 

17 227 341* 34 34%+ % 

481* 48% - % 

I2<« 12>} 


AUegBv 

243 5% 

5% 

ft + % 

AlldBn 

665 10% 

10% 

1ft- % 

Altos 

970 157, 

15% 

15% — ’« 

Aracml .44 90 1ft 

1ft 

»A+ % 

AWAM 

301880 HP, 

10% 

1ft 

ABnkr JO 

7 759 14% 

14% 

m% + h 


ID 325 Ift 

10 

10% + % 

AiaEari 

18 18 171* 

18% 

171*+ % 

AGreet .68 151380 31% 

3ft 

31%+ % 

AnNb 

TO 8 17% 

17 

17 

AirrinLf .40 
Amkng 

10x132 M% 

0 730 7 

14% 

ft 

”k+ % 

ANUM 132 

5x81 43% 

43 

431*- l. 

ASvNY.Ke 

9 311 21% 

21 

21%- 'l 

ASNYpi 

76 2ft 

24% 

25 

ASvWA.15* 

7 05 Hi* 

18% 

19-1* 

AmSec 1.00 « 47 38% 

381, 

38%-% 

AmSoft.lBo 21 597 26% 

26 

2ft+ % 

AtvCm 

63 754 23% 

23 

2ft- % 

Amrttr 176 101358 41 

391, 

41 +1% 


557 4265 U3S 

37 

39 +2 

ADisfcBkJfi 10 705 241] 

23% 

237,- % 

Atoogie i . 

13 995 117, 

.11% 

i A + % 

AlwhQi. 

11 GSS 39% 

38% 

39 

AodvSvJO* 

2B9 u22 

Zft 

2ff, +1% 


19 47 18% 

18 

18 

Anita JO 19 WTO 25% 

Zft 

25%+ % 


ApogEs .12 
ApeioC 

ApptBfc 

AppteC 

ApidBto 

APkMa 

Archive 

Artxjr 

AnjcSy 

AaMona 

Aatreey 

Atom .48 

AUGLtsl.60 

AMnW 

AUFm JB 

AUFpi 1.05 

Atotaa 

AOSeAr 

Autodak 

Auaxfla 

Auxton 

Avmak 

BO 

BRIntec 
BakrFn la 
BakarJ.Oie 
BMlyB JO 
BaIBcpa-40 
BnPncalJO 
BcpHw 1.00 
BKTCa 1.12 
Bflke&to .48 
BnkPM 
Bankvt JOT 
Bama A* 
Bants 


IS «38 10% ft ft- % 
706980 H% lift TO + % 
12 60Tu3S% 3*% 351*+ % 

2810942 0ft 64% 86% +2% 
51 MM 421} 41% 41% - % 
374 17% 16% 

33 447 ft 8% 

20 62 20 Ift 

28 772 23% 23 


16% + % 
9 + % 

J? 1- i 

23 - % 
258657 27% 26% 07% +1 


19 324 ft 

aa is% 


2?* 

13% 


B%- % 
13%+ »4 


33 33% - % 

10% 10% - % 
72% +3 
28%+ % 
9% — % 
18% + % 


68 


161110 257, 25% 25% - % 

43 16% 16 16% 

7 102 1H. 11% 11% 

21 Hi. 13% 13% 

T7 3B5 33% " 

121055 10% 

44 377 73 

21 34 26% 28 

20 229 8% ft 

35 399 181* 

B B 

218 10% 10% 

15 60 M% 14 

129 <7 

20 434 29 

11 126 23 

25 503 20% 20 

9 1 36% Sft 3ft 

11 122 58i« 571. 57% 

101667 367, 361* Sft + % 

- 96 171, W% “ ' * 

14% 


BatiMt .10 
OayVw 
BayBkaiJ2 
BaamiC 


12 

9 122 15% 
33 59 55 

16 491 23 
10 538 17% 
19 77 44% 


1ft 

1ft + % 
14%+ % 
48% 47 + % 

22l z 20% + % 
2ft 2ft 

2ft + % 


171*+ % 
15 + % 


34% 34% 


Bertdya J4 

BerkHa 

BeaiBya 

BetoLb L«0 

Big B 

BflBaar 

BkKfly 

BinoSY 

BkjRea 

Btogan 

Bkmwto 

BifSU 

BidcO .54b 
BOMBn 1.54 
BobEva JO 
BotMwia t 
BdmBc 1 
BHnFs .48 
BradyW JO 
Branch 128 
BrrxSn 
Brendle 
BdoCm 
Brunos .16 
BulklT 
Brnhm J4 
BurrBs 
Burras 
BMA 110 
Busmut 
ButlrMIL32 


C« 

CUL 
COMBa 
CPI JB 
CPT 

CbryScl.07, 

Cadntx 

Cafflto 

CtoMte 

Ctony .10 

Cam BS 

Canon) J34a 

CaraerC 

Cam&a 

cargeULiOe 

CaringtP 

Carver 

Caaayaa 

Cadyto 

Cal (Cm 

entrfle UO 

Canttor 

Canton 

CenBcal.10 

CBahSa .68 

CFtoBk M 

CntyCm 

Cardyn 

GenCl 

Catus 

ChrmS* .10 

Cnrtwel 

CbkPia 

ChLwn JO 

Chareks 

CD dll 

CWPac 

CMAuta 

CMdVrtd 


22i. 221,- % 

171, 171, + % 

« 44% + % 

42 2378 2ft 26% 2B% 

157 10 Ift ift + % 

II 16* 43% 431* 43% - % 

8 273 ft d ft 71* 

14 501 151* 14% 14% - % 

14 1077 34% 3* 3*1}- % 

7 2 1135353*75 3535 +50 

201302 1ft 1ft 19% + % 

47% + % 

13 - % 


71 302 47% 47 

21 68 13% 13 

13 05 341* 23% 23%-% 


IB I2S 17 
113 307 18 
625 5 

1502 14 


1ft 

Tft 

4% 

13% 


17 

18 +1% 
4% + % 

137,+ % 
221 * 


35 577 22% 22 

IB 881 241* 23% 24 + % 

15 5 30i« 301. 3(P. 

11 220 4ft 43% 43% 

29 25S 25% 25 25% 

34 571 25% 24% 24% 

39 127 46 49% 45% - % 

17 293 37% 37 37%+ % 

21 1 30 30 


30 

39% + % 
MS. 15-'. 
M% 15% + % 
38 B45 227, 22% 22% 

23 4S2 177, 17% 17 7 , + % 

- — 19% Ift - % 

H% 19i« - % 
, tft 1ft — % 

37 23i« 2ft 23 - % 

25 30% 30% 30%- % 

Ift 


11 M 391* 
101470 1ft 
17 122 15% 


18 99 20 
18 619 19% 
40 3 16% 

17 


852600 17% 
13 25 30i* 


_ 1ft- % 

23% 29%- % 

c c 

12 213 221} 21% 21%+ % 

19 206 227, 22% 22% + % 

57 968 197, 1ft 19%+ % 

23 262 44 43% 44 

224 4% ft + 

25 564 35% 36% 38% - % 

31 214 11% 

921 17 

231009 10% 10 
28 110 11% 1ft 

125 ft 
fi 3 
28 1633 u11% 

49 1199 25 

13 131 7% 


11 11 % 

16% 1ft 

10% + % 
10%- % 
9 ft 
26% 2ft - % 
1ft 11%+ % 
24% 0*7, + % 

7% 7% 

112 22% 21 21% - % 

TO 33 11 10% 1ft + % 

34 1013 « 17% 16 + % 

50 381 257, 25% 0ft - % 

811 3*1} 24 34% 

11 217 41% «1 41 - % 

394 43 421} Aft + % 

22 317 17% 1B% 17% + % 

12 19 38% 381. 3ft- % 

12 33 20 19% 20 

12 108 317, 31% Of, 

99 21% 2ft 21% 

40 410 14 1ft 13% - % 

47 137 13% I®* 13%+ % 

2410 207, 26 267, 

33 843 27% Z7 27% - % 

63 204 38% 39 39% 

181312 1ft 10% 1ft + % 


321570 31% 3ft 3ft _ 


361744 21% TO** 

17 2450 7% 7 

18 477 44% 44 

182194 171* 16% 

25 132 17% 1ft 


ft 

44lj+ % 
1ft- % 
17%+ *4 


Stock 


Citliis 
Chiron 
Qinendl.10 
Cnronr 
CitfOwl J1 
ChMtfn (JB 
CbtMIc ,15a 
Clntaa 
Cipher 
CtoSoCp 1 
CtzFGpl.OBa 
CaU As 
CttyFM .40 
CiFdp%2 10 
CtyLTr 2.37c 
CtyNCs .64 
CityBcpl.12 
ClarkJ .96 

Ooma 

CoOpBkJOa 

CoptnF 

CoatSI 

CabaLb 

CocaBd J6 

Coaur t 

Cobemt 

Coiagna 

CoiFdla 

CBcgpA JO 

CoinGp .40 

DnGaa 1.60 

ColoMl 

ColorSy 

Comair 

Comcats 

Cnwic02O 

Cm Bahai. 00 

Cndia 1.20 

Cmcelte.60 

CmeFito 

CmtShfl .58 

CmwHo 

ComSug-06* 

CmpCda 

CmpCro JB 

CmpnL 

CCTC 

CmpPr 

Cncptte 

Concern 

ConHer L20 

CnCap04Oa 

CCapS 010 

CnsPapl.60 

CtrIRss 

Convgt 

CooprO 

CooprL 

CooraB .50 

Copytal 

Corrib 

CoraSt L38 

Corvua 

Costco 

Crttrmc 

CrzEda 

Crania 

CrosTr 

CrasktS AO 

Crosipt 151 

CwnBh 

CudlnFr JO 

Cullura .50 

Cyprus 

CypSam 

DBA 
□NSvga 
DMA PI 
DSC 
DafcySy 
Dnm6k) 
DartGp .13 
Datcrri 34 
DtaKJ 
Datscps 
DauphnUO 
□eytona 
DebSnp JO 
Dekalb 
Detchm JB 
DepGty1J2 
Oarby 
DiagPr 


Sdat 

0l-4rt 


High Low lad Chug 


Oiirel .08 

Dieaon 

DigUCm 

DtoKh 

DjmeWY 

Dlonexa 

DlrOnt JO 

DomBs .72 

DrasBs 

Drexlre 

DrayGr 

DunkDn JB 

DuqSys 

Du ran 

DmhrasL3B 
Ourlron .56 
Durfil .16 
Dynsen 
DyichC 

EMC Cp 
EMOn -TO 

EatnBavlOu 

EamFa 

□Pas 1.52 

Elan 

BecBJo 

BCain 

BeNud 

EtoRM 

Emuknc 

Endtrn 

EngCiw 

EnFart 

EraPufa .10 

Envitto 

EnvTrt 

EnrBis I 

%MI 

EqtBca JOb 


ErlcTI 1.06a 
EvnSut 
Evans .04 
Enwir 
Expkia 

FFBCp .05a 

FMI J2a 

FrmHm-SOa 

PamF 

FarGpiUO 

FedGrp 

Rdm 1.40 

Pidicrai 

RfmTs 1.44 

HggieB .76 

FiflomA J8 

FlnNwa 

Fingm* 

Ftnigan 

FAlaBs .78 

FsiAmsl.60 

FABkA.40b 

FtAFtn 1 


29 137 30% 29% 2ft 

1912 30 28% 30 +1% 

17 19 51 50 51 - % 

241 14%' 14 M - % 

23 684 14% 14 14 - % 

13 500 72% 71 71% -1% 

If 469 8 7% 7%+ % 

33 x2 64 01 0* - % 

JS 1117 ift 15 15%+ % 

11 040 33 27% 28 + % 

10 49 43% 43% 43% 

: 21 151 28% 28 28% + % 

a 702 127, 12% 12% - % 
100 2ft 20% 25% - % 
157 4% 411-16 4% +1-16 
17 647u2ft 27 27%+ % 

11 131 Sto* 55% Sft - % 

M 143 30% 30*} 30% - % 
07 1284 213* 21% 21% + % 

251 20% 19% 20 + % 

10 119 1ft IS 16 - % 
437949u10% 9% 10%+ 7, 

17 5SB 23% 23% 237, + % 

151 357, 38% 3tF,+ % 

2266 23% 22% 227, - 7, 

78 13% 13% 13% 

TO 508 15% M% 15%+ % 

373 141* 14)* 14% - % 

12 76 2ft 2ft 253* 

16 438 26>} 26 26 - % 

13 11 251* 25 25%+ % 

81 1012 «% 16 18% - % 

241 14% 14% 14%+ % 

70 256 9% 9% 9% 

68 1t06u23% 2ft 23 + % 
10 419 551} 55% 55% - % 

10 87 37% 3ft 371}- % 

24 10 6* 02% 03% +1 

131173 Sft 30% 30% 

6 54 19% 19% 18%+ % 

18 137 1ft 157, 18 

208 10% 9% ft % 

28 1ft U 18% 

73 734 1ft 18<} 1ft +1 
IB 326 1ft 13 13%- % 

19 55 ft ft 8 

588 71} 7% 7% 

99 4% 4% 4% + % 

38 107B alO 15% 18 + % 
38 18 1ft 1ft - % 

17 252 62i, 913* 91% 

*116 14 13% 14 

xlflB 1ft ft ft - % 
12 94 SB 571, » + % 

55 279 20 191} 1ft 

2569 10% 10% TO%+ % 
987 ft 1% 1% + V1B 

52 2Q22V16 2 2VM + M* 

16 490 26% 26% 29% 

1751 M% 121, 1ft +1 
1799 177, 17% 1J%- 1* 

112265 40% 39% 401*+ % 

5 609 20-32 13-16 13-18 -U 
103805 M% M M%+ % 

34 52 71* 7 7% - % 

17 7729 10% 9% 10 + % 

51371 231, 2B% 231,+ % 

963328 Tft 19 1ft * % 

11 395 1ft «% 1ft- % 

25 251, 04J, 25 

17 a 14 13% 13% 

TO 12 12 12 + % 

16 121 261* 25% 26i*+ % 

821018 227, 217, 227, +1 
404277 11% 11% 11% - % 

D D 

17 218 19% 1ft TO%+ % 

5 38 18 IS/, 10 

1650112 10% 1ft 16%+ % 

27 1858 7% 7% 7% 

1087 11% 11% 11% 

168 6% ft 6% — % 

14 62 109% 167 189 +1% 

01 47 14% M M% 

23 729 10% 9% TO%+ % 

33 101 32 31% 31% 

12 TO 34*. 33% 3ft + % 

111675 14% 14% W% + % 

25 334 38 3ft 3ft - % 

423 20% 20% 20%+ % 

22 139 2ft 20% 20% - % 

TO 14 40 39% 40 + % 

11 136 2ft 25% 2ft- % 

34 74 35 34% 38 +1% 

3313443VW 3 3 

TO 47u2S% 2ft 26% + % 
0S 1O9u30 351, 38 + % 

20 7050 401* 371} 4ft + ft 

628 0% ft 8 + % 

6 2391 253* 251* 2ft + % 

35 13S 31 30i« 31 ♦ % 

26 287 13% 13% 13% - % 

11 671 22% 21% 221, + % 

30 210 31 30>« 301} 

572 13% 131* 13% + % 

20 172 IB 1ft IB + % 

TO 625 30 29% 30 + % 

21 353 25% 25 25% 

10 235 131, 12% 13%+ % 

11 4 44 44 44 + % 

07 79 13% 13% 13% - % 

171720 1ft 13% 13% 

10 1283 M», Ml* M%+ % 
17 5920 42 371* 37% -4% 

E E 

22 150 Z7% 26% 2ft 

12x98 11 10% 10% - % 

13 32 25% 25 25 - % 

33 62 13 12% 13 + % 

9 762 20 197, 20 

708325 21% 21% 21% 

14 156 ft 6% 6% — % 

95 5 4% *% 

89 11% 11% 11% “ > 

16 143 14% 14»* 14% - % 

17 734 B ft 8 

1253961 ft 5% ft +1 

370 tft 18% 1ft * % 

11 190 1ft 121* 1ft „ 

W 8 18 17% 16 + % 

17 798 32 Sft 31%+ % 

1177 n33% 31 83% +2% 

95 1332 121, U% 1ft 

090 ft ft ft * % 

12 73 2S% 20% 20%+ % 

15 75 22% 21% 221* 

86 MU 39% 39 38% + % 

28 US 3ft 37 37% -1 

IB 171 13% 1ft 1ft- % 

56 171* 17 17%+ % 

22 25 1ft 151, 18 + % 

F F 

14 440 17% 167, 1ft- % 

4 36 13% 13% 131* - % 

8 909 23% 23% 23% + % 

20 228 1ft 16% 1ft 
151489 471* 46% 47 

18 1119 4% d 4 4% 

11 791 39% 38% 38%- % 

29 34% 34 34% 

12 65 54% 54% 54% + % 

12 48 79 70 78% 

134 u 73% 73 73%+ % 

82 500 13% 13 13 - % 

468 ft B 8% + % 
846 20% 18% 1ft +1% 

13 772 2ft 22% 22%-% 

10 97 53% 52 52%+ % 

12 U9 11% 11 11%+ % 

10 272088 64 68 +1% 


Saba Higfc law Lea Cbng 
ftfadd 

FIATn 1 12 312 29% 281, 28 - % 

FlAmSv.lOe 123 18 17% IB + % 

FBOfta UO 10 62 30% 30% 30% +1 

FComCUO 25 247 18% 18 16% + % 

FErap UO IQ 31 83 91 92 +1 

— 10 15829 171* 1ft 171* - % 

*37 2S% 247, 247, - % 

221 28% 28% 2ft 

1035 29% 23 23%-% 

4 64S 28 27% 27% 

8 70 263, 28 26 


FExp£212a 
FExpfF0B8 
FExpfQ 
FFMlc JOB 
FFdtCM 
FFFlMs .40 
FtFKal J4a 
fifdSC t 
FfFnMg 
RFffik .72 
Fttiawa JO 
FMCpe A* 


7 35 25% 25% 25% — 
26 21 20% «% 20 


12 71 12% 11% 11% 

34 587 321* 31% 32 + % 

45 35% 35% 351, 

281* 29 


12 

13 132 29 

18 364 17% 171* 17%+ % 

FJerti 1-80 11 874 52% Sft Sft 

FOCyN, .64 11 665 25% 2<% 25%-% 

13 25335 3«% 34% - % 

12 404 401* 39% 3ft — % 

0 17 21% 211* 21%+ % 

FSocC 1.10 60 362 25% 24% 24% - % 

FtSUui 5 116 1ft 1ft 1ft + % 

FTonmllfl 10 401 34% 33% 34 + % 

FStUCs .68 102422 27% 271* 27% + % 

12 18 29 ~ 

9 301 11% 


FNCkaiUB 
FPaoFn 


FWatys .84 
FtWFn JB 
FtnFdl 
RaNta .44 
FlowSy 
Fonar 


26)* 291* 

. 11 11 %+ % 

915 15% Ift 15% - % 

17 214 2ft 21% 22 - % 

4% 4% — % 


238358 S% 

3001175 ft d ft 8 
FLioAa .05 45 250 15% IS IS - % 

FUeBa .04 S3 215 18% 16 16%+ % 


For Am JB 
FortnF.lOa 
Forum* JB 141913 
FraeFdi 
FramM JO 

j-nmwr 


29 171 40% 40% 401*+ % 
9 341 27% 26% 27 + % 


,35% +1% 


6% ft ft 

TO 12 1B% 14% 14% 

12 827 20% 19 

93052 7% ' ft 

FubHB JB' TO- 511035% 34 

G G ‘ 

GWC 132 » M 21 20% 20% - % 

Solace TOO ft ft ft — % 

Gafltoo 24 105 35 3ft 35 + % 
GalgAa .40 173717 20% 27% 29% 

Gatooba 13 1998 14% 13% 1ft + % 

26 S2 21 


Games 

Gatwta 

GiwyMs 

Garnett 

Genotca 

Genottn 


20 % 20 % 
13 488 26% 26% 26% + 


98 4% 

18 431 ft 
3661133959 

2708 32% 301* 32 +1 

Genmar-OBe 15 060 11% 11% 1ft + % 

Genzym 760 14% 1ft 1ft + % 

GTOsnG J5 12 787 177, 17% T7% 

Godfrya .32 20 145 24% 2ft 24% 

Goodmk 23 71 14% " 

GaUm J4 12 110 28% 2ft 2ft 

GeeMP .70 21 349 20% 1ft 1ft- % 

10 318 9% 

2000 9% 


ft 

A 

55 


ft- . 
Jh- % 
50% + ft 


141*+ % 


Grudco 
GrphSc 
GCtryB 
GtLhFd .40 
GWSav -48 
GrnRha 
Glnch 
GuarNt 
GuastS 

HBO 

HMO 

HPSC 


ft 9%+ % 
ft ft 
151 23% 23 231* 

5 26 28% 2ft 28% + % 

763 IK* ft 11% + 1% 

ZB 68 13% 13% 13%+ % 

29 454 221* 21% 22 


16 81 ft 
192 11 

H H 

940 10 9% 

864 0% 


A A- % 
W% 10% 


HmOM 

Harrvfn .56 

HarteymJaa 

HarpQs 

HrtNtaUO 

HrtfdSaUO 

Harvtn 

HUhCS 


Wthdyn 
HdigAa .IB 23 958 20 
HeefcJn 


Htoaro 1 

HtoMSu 

Hogan 

HotmO 1 

HmaCty 

HmFH AO 

HmoBLx 


ft- % 
ft ft+ % 
IB OS A 1ft 1ft + % 

21 357 A 7 ft 

53 643 17% T7 17 - % 
10 107076% 741* 781* +2 

5 275 1ft 1ft Tft - % 

17 70 18 1ft 1ft 

TO 294 2ft 29% 29% — % 

12 158 62 61% 61% 

15 330 28% 2ft 26% — % 

29 271 11 KHz 11 

26% 25% 

4% 4% — % 

1ft 1ft 
12 an 25% 24% 251* + % 

18*1 25 3*7, 241, 

0 206 24% 24% 34% + % 

10 356 15% 15% 15%+ % 

M26 15% M% 1ft 

22 85 23>* 23 23 + % 

10 44 22% 22 22 - % 

202 331* 3ft 33<*+ % 

S 308 as 2*% *«%- 


8 90 26 
1664 4% 


W% TO% 

12 121** % 

ft 3 - % 

333 1ft 14% 15%-% 

1218 11% 11% 1ft 


InalE 


Hontnd .90 15 393u441, 421} 44 +1% 

HBMJ, -TO) M 752 241* 231* 23% — % 

HuMJte .16 2fi 31 281, 27% 27% 

Hmgln 177 37 35% 3ft +1 

HuntoB.B4b 11 638 2ft 2ft 2ft 

Hyponx TO 429 18% 15% 1ft- % 

I 1 

IMS* .10 35 52S 3ft 31% 3ft - % 

ISC 16 409 1ft 

km 212106 12i* 

(maim 637 3% 

fanunax 

hnreg 

IndBcs 1.06 11 99 31% 3ft 31% 

IndWtl.TOb 11 252 40 30% 40 + % 

MBdc 42 15% 15% 15% 

42 K* 25% 25 25% 

41 64 121, 11% 121* 

I 97 05 1ft 11% 11%+ % 

t 35 473 11 1ft 11 

54 H2 1ft 1ft 1ft + % 

74 731 15 TA M%+ % 

252 12% 12 12 - % 

8969 361* 351* 38 + % 

301 11% 11% 11%+ % 

InlaU 17 287 9% ft 0%+ % 

InMFlr J4 17 126 23% 22% 23% + % 

infgph 216316 26% 24% 26 +1% 

Mriaal 582 10% ft 1ft + % 

tatmee 25 379 14% 13% 14%+ % 

intmtCa .10 U 229 17 «% 17 + % 

main 27 881 1ft 1 A 1ft +1% 

InDtorA 22 24 261* 2A 2A + % 

IGtone 597 U 15% 15 Ift + % 

MKteg 14 4 1ft 1ft 191* 

tod-sea 21 262u2! 20% 21 + % 

InMobil 932 13% 12i« 1ft + % 

25 152 1ft 1ft 1ft 

40 290 16% 1ft 16%+ % 

6 237 1ft M7, 15 - % 

- 5 6%+ % 

321} 321,- % 

7 1782 1) 19% 18% 1ft+ % 

83 98 95 95 +1% 


MgOv 

MgGen 


InvatSL JO 
Iomega TOW15 
lewaSoa JO 12 52 33 


hoVokrijar 

J J 

Jecberm JO 12 48 *A 47 47% 

Jaeer 81B n, 07, 7 

Jaguar -We 131725599-32 9% 93-10 
JefltGp 72179 12% 11% 1ft + % 

JetSnfeJta 37 189 55% 54 5* -1 

Jenco .16 TO 600 24% 237, 24 

Jonlcbl -15a W 40 16% 1ft 1S% + % 

Jonel A.15a 32 401 15% 15% 15% - % 

Juno 22 M 3^ 35% 361, +1 

Justin .40 12 9 15% 1ft 1ft 

K K 

KLA 381174 21% 20% 21 

Kaman J2 29 70 Sft 2ft 2ft- % 

Kxrcitr 241116 10 1A 1ft - % 

Ktoier 39 Bi* ft ft - % 

KlySvA .70 24 762 55% 53% 65 +1% 
Kemps -60 111496 38% 36% 36% - % 

KyCnL/1.10 TO 58 54% 03% 5* - % 

'. KayTro 162 ft ft ft 


Kincaid 
Kinder, .06 
Kruger .40 
Kulcke 

I <ft u 
LSI Lgs 
LTX 

LnPeta, 

LaZ By 1.60 
LadFro.i2a 
LaxSw JO 
LdlTBs .M 
Lancets .64 
Lance 1.06 
Lane JOa 
Lawans .20 
LeaOta 
LatsCns 
Uebr 

Uabri .12 
UnBrd 
LnFIms 
UzCias J5 
LenaSa- 
LongF 1J0 

I nlMMi 

LaBnch 

Lypho 

MBI 

MO 

MSCar 

MTS .28 

MockTr 

MadGE2.36 

MagmP 

Mavnl .48 

Ma|Rt 

Makfta JZe 

MgtSd 

ManRw .80 

MtTONt 1.44 

ManwCL4S 

Marsh), 80 

MartdNL30 

Maaemp 

Macois 

Mamor 

MatrxS .10 

Mancra 

Maxtra 

McCrm t 

Modatet .48 

Madar 

ModcoC.lOo 

Medtrd 

MedShp 

Made, 1.04 

MeUonP1.<J7e 

Mairriga 

Montora 

MemrG 

MarBcsl.40 

MarefikLOB 

MerfioB 

MrchNa .68 
MarcGa 24 
MrrinBs 1 
Marik JO 
UaryG 
MatAlra 
MatrFs 


Sab* Hgh Law Ian Chug 
IHnM 

17 392 14f, 13% 13% - % 

22 0559 17% 17 17% + % 

20 459 21% 20-', 21% + % 

67 111, 1ft 11 

L L 

21 73 15 1ft 15 

156 1640 16 1ft 1ft 

76 11% 11% H% - % 

40 90 19% 19% 19%+ % 

15 262u79% 77 79 +2% 

TO 8*Su22% 22 22%+ % 

29 82 25% 24% 243* - % 

301005 10% 10% 1ft 

45 00 23 22% 2ft - % 

TO 34 401* 399* 40<«+ % 

IB 158 6ft 62% 62% + % 

19 617 25% 2«i< 2ft+ % 

25 499 0% ft ft 

337 ft ft ft 

10 90 1ft 10% 1ft 
27 fa 343, 34% 3ft + % 

361175 71% 70% 71%+ % 

20 529 1ft 141* IS - % 

29 2505 59 57% 58% - % 

24 892 12 Iff, 11% 

15 7251)64% 51 64% +3% 

2210348 22% 21% 22% +1 

3001Z7 ft ft B 

52 2085 27% 27 277,+ i, 

M M 

288 ft ft ft 

25 35413 ft ft ft-+ % 

TO 278 3A 31 3 A + % 

1052 38 371, 88 + % 

2079 1ft 1ft 16 

12 91 35% 347, 347, 

1000241 Hi* 1ft 10 
119919 21% 20% 21 - % 

390 11% 1ft n% + 

21 38>, 36 Sft - % 

19 008 19% 1ft 19% 

520 201* 19% W%- % 

9 383 40% 47 40 +1% 

9 63 433* 43% 43% 

TO 126 32% 3W« 32%+ % 
10x7*1 48 471} 40 

48 343 ft ft ft+ % 

30 926 33 32 3ft + % 

0725T-18 4 15-IB 5 +1-1 

20 G26 44 43 44 

13 9827 141, 13% 

20G853 291, 29 

20 1032 1)48 477, 

20% 
ft 
43% 

1ft 
35% 

1A 


7 251 20% 
262 ft 
73 25 44% 
74 1ft 
34 45 3ft 
686 1ft 


MfchNMJO 

MJcom 

MicrTc 

Microp 

MJcSem 

MtCTBtt 

MdStf-d .40 

MkflCp 1-36 

MdwAtr 

Mill/ttr .44 

MflHprs JO 

Mkibcr 

Minstnr 

UOHCA 

MobtCB 

Medina .76 

Moleclr 

Motex .03 

MontClJOe 

MonAnt 

Monolll 

MoorF 1J0 
MorgnP 
Mamm .48b 
Moseley 
Mutt* .52 
Multmh 

NACRE 
NEC -23a 
NBnTex .00 
NOCiys L20 
NCmNJ 3a 
NtCptre JO 
NDaia A4 


M 

2ft+ % 
48%+ % 
2ft- % 
ft+ % 

44%+ % 

W%- % 
35%+ % 
101*+ % 

ISO 1ft 10% 10% 

251074 141* 13 13 -1% 

566266 21% 20% 21%+ % 

392223 261} 28 361* + % 

9 691 30% 30% 30% — % 
13 195 41 401} 41 + % 

19 7 29 29 29 

12 636 30 281* 29% +1 

19 xS3 22% 22% 22% 

TO 371 24% 24% 24%-% 

165555 1ft 9% ft - % 

19 111 221, 21% 21% - % 

13 282 ft ft B%- % 

6 85 24 23% 24 + 7 a 

271089 31% 30% 307,+ % 
11 242 41% 41% 41% 

Z7 573 15 1ft 15 + % 
1601 7% 7% A 

234940 39% 371, 301* +2% 
17 568 1ft 1ft 1ft + % 
2573 851* 01% 041, +2% 
10 18 241* 24% 241*- % 

10 338 40% 40i, 48% 

43 2017 1ft 14% 14% 

17 394 237, 2ft 23), + % 
30 1202 42 41% 41% + % 

21 10031 13% 12% 13 + J, 

40 293 23% 22% 23% + % 

09 CWu2ft 2ft 2ft + % 
70 453u2ft 25% 25%+ % 
52 107 32 31% 31% - ' 


402 ft 
X 299 54% 

70S 791* 

130 to, 

32 3499 15% 

125 2ft 26 
21 241 ZA 271* 


12 


A 

53% 

78 

A 

14% 


NOPzaa 
NlwkSy 
N£ Bus .40 
NHmBs .48 
NM9SB.50e 
NY Mar 
NwldBk .30 

Nawpl -06 


8 + % 

541,+ % 
701* +3% 
ft+ % 
15 - % 

2ft + % 

. 2A 
19 242 25% 25% 25% 

570 ft 3% 3%+ % 

56 23% 22% 23 - % 

521 53). 52% 501* 

N N 

20 321. 31% 321* + 1 

118 57 82), CB% 62), - % 

97 ft 9% ft + % 

TO 771 341, 33% 341,+ % 

14 10 136 131 131 +1 

TO 312 M% 14% 1ft + % 

22 49 25% 247, 247, 

1727 3% A 3%+ % 

23 301 1ft 17% 1ft- % 

263501 1ft IB W%- % 
22 69 23% 231* 23% 

TO 135 263, 20 28% — % 

173 20), 2ft 29% + % 

15 124 61 58% 81 +1% 


Nike B .40 
Nobel .30r 
Norrista -38 
NrakBa 
NoFkBs .40 
MMBCp 1.40 
NastSv 
NoTrote J2 
NoSdaSv 
NwNG 1J6 
NwK! .88 
NWPS 240 
NovaPh 
wvPwtaa 
NvPwtaa 
woven 
NoxaU .64 
Numre .56 
NuMed 


27 113 33% 

331* 

331* 

201208 16 

15% 

15% - U 

1569 8% 

0% 

8%+ % 

1211447 10% 

1ft 

16%+ % 

12 292 10 

15 

w%+ % 

30 1269 55 

53% 

54% +1 

1357 1)377, 

3A 

37%+ % 

M 6 23% 

23i* 

231.- )* 

13 2 59 

59 

59 -1 

7 544 20% 

261} 

28% - % 

13 298 431* 

42% 

42% - % 

26 2ft 

2to* 

Zft 

M 570 239* 

23% 

23% 

6 605 28 

28% 

23 + 3* 

11 34 30i* 

35% 

381. *- % 

BOS 13% 

1ft 

13% + % 

70 20% 

1ft 

2ft +1 

253 9 

ft 

ft + % 

41 837 4H* 

4ft 

41%+ % 

30 892 561, 

53 

55% +3 

15 134 241* 

233* 

24 + •« 

31 75 to. 

ft 

ft 


OMI Cb 
O gilGp J4 
Oh krCns1.es 
OidKnts .00 
OURep .70 
OMStnsl.56 
vfOivSt 
Orrmlcm .90 
OneBcs .32 
OpttcC 
OpticR 
Oracle 
OrM 

OshBA .53 
OshkTB 30 
OOrTP 292 
OwenUn 32 


o o 

603731 ft 
10 470 381. 

10 235 4ft 
9 00 34% 

12 292 29 
9 382 29i. 

4 508 1% 

*503 24% 

9 125 2ft 
35 293 
20 707 
72 901 
M IMS 

28 130 00% 

11 278 30 

13 100 4ft 
17 367 21% 2ft 


18% 

1B1* 

401* 

II 


35% 

44 

Zft 

38). 

2ft 

ft 

2ft 

21 % 

18% 

Ift 

391, 

1ft 

7ft 

Zft 


S% 

361.+ % 
441j - % 
2ft + % 
29 + % 
291*+ % 
1 % 

Zft- % 
2ft 

«%- % 

£%;£ 

46), 

21 % % 


Continued on Page 37 













"a ■- V ' to ' \ -te ' 1 p - p “\- \ 








40 


0G5 


Financial KmesWednesdayMax^ 


FINANCIAL TIMES 


WORLD STOCK MARKETS 




Blue chips make 
good attempt 
at recovery 


WALL STREET 

BLUE CHIPS led a recovery of Wall 
Street stock prices yesterday from 
the tumble they took on Monday 
and pushed two broad market in- 
dices to records, writes Roderick 
Oram in New York. 

In contrast, bond markets contin- 
ued to mark time waiting for fur- 
ther economic news. Prices edged a 
fraction lower on light volume. 

The Dow Jones industrial aver- 
age closed up 19.97 points at 
2,280.09, only 0.14 point of the re- 
cord set last Friday, with most of 
the gains coming in the last hour. 
After opening lower than the previ- 
ous close, blue chips picked up 
steam in mid morning led by IBM, 
up $4 to $142%, and American Ex- 
press, up $2 to $78%, which were 
boosted by analysts recommenda- 
tions. 

A number of other Dow constitu- 
ents were strong. Merck advanced 
$1% to $160%. Philipp Morris added 
$% to $85% and American Can 
gained $% to $86%. The buying 
spilled over into other quality 
stocks which drove broader market 
jnrifc wi higher. Tbe Standard & 
Poor’s 500 added 2^6 to 290 i6 while 
the New York and American stock 
exchange composite indices rose 
1.32 to a record 165.57 and by 1.59 to 
329.50 respectively. 

NYSE trading volume wpanded 
slightly to 174.8m shares from 
185.4m on Monday with advancing 
issues outpacing those declining by 
a margin of five to three. 

Tbe upturn in IBM shares helped 
buqy comp ute r and semiconductor 
stocks generally. Digital Equipment 
added $2% to $170, Unisys advanced 
$1% to $102%, COMPAQ Computer 
rose $1% to $32%, National Semicon- 
ductor added $% to $15%, Texas In- 
struments rose S% to $165% and 
Advanced Micro Devices gained $% 
to $21% althcmth Motorola slipped 
$% to $50%. 

American Motors gained a fur- 
ther S% to $4% following Monday's 
news of a takeover offer from 
Chrysler, which added $1 to $54% 
yesterday. 

TWA, down $% to $27% said it was 
reconsidering its 15 per cent hold- 
ing in USAir, ofiSlto $46%, follow- 
ing tiie agreement by Piedmont Av- 
iation to be taken over by USAir. 
TWA made an offer to buy USAir 
last week but has run into several 
regulatory and legal obstacles in ad- 
dition to the USAir-Piedinont deaL 

Supermarkets General fell $% to 
$41% after rising strongly the previ- 
ous session. Dart Group, up $1% to 
$169 in the over-the-counter mar- 
ket, launched a S4L50 a share take- 
over bid for it on Monday. 

Harper & Row, the book pub- 
lishers, jumped $9% to $34%. Mr 
Theodore Cross, its largest individ- 


ual shareholder, offered $34 a share 
for the company. 

Reebok advanced $4% to £41% cm 
volume of more thaq 1.75m shares 
by early afternoon. Tbe fast-grow- 
ing athletic and casual clothing and 
shoe group announced tbe S180m 
takeover of Avia, an Oregon 
competitor. 

International Paper rose $2 to 
$98%. It split its stock two-for-one 
and said it would pay shareholders 
5 cents per new share to redeem a 
shareholders rights plan which it 
will replace with one "more accu- 
rately reflecting the long term val- 
ue of the company." 

Fluor, the process plant and min- 
ing group, was unchanged at $24% 
despite announcing a first quarter 
loss of $33.3m against a profit of 
S6Am a year earlier. 

Gulf & Western put on $% to 
$80%. It reported first quarter profit 
of $1.11 a share against 55 cents a 
year earlier. 

Credit markets continued to drift, 
hindered by the uncertainly of eco- 
nomic outlook, a mixed perfor- 
mance by the d o i? fl r and a firmer 
Fed funds rate. 

The {nice of the 7.50 per cent 
benchmark Treasury king bond 
dipped %■ Of a point to 99% at 
which it yielded 7.52 per cent Shor 
ter maturities were similarly a frac- 
tion lower. 

One sign of the markets dol- 
drums Was tilfi flnnmine<»m»»nt by 
Chrysler that its pension fund was 
considering shifting $lbn of its as- 
sets from bonds to stocks. The car 
maker's fond was renowned for its 
strong philosophical commitment to 
bonds and for wuMwfcaiwiTig an un- 
usually heavy proportion of its 
money in them even while stock 
markets hove been enjoying a fonr- 
and-a-half year rally. The fund 
hopes to cut the allocation of its 
S3-5bn of assets to 35 per cent bonds 
from the present 70 per cent 

As a first stage, it solicited yester- 
day a handful of investment h»mlm 
for their offers on a list of S500m of 
corporate bonds. It said it would de- 
cide today which, if any, it would 
selL Mr Fred Znckemum, Chiys- 
ler’s treasurer, said the move was 
unrelated to Ghrysler's proposed 
Sl.lbn purchase of American Mo- 
tors. 


CANADA 

A BRISK RETREAT was staged by 
gold issues in active Toronto trad- 
ing. 

Placer Development lost CSS to 
C$42 and Lac Minerals traded CS% 
down to C$4L Elsewhere Nbranda, 
which is spuming off its forestry in- 
terests, gained CS% to C$29%. 

Banks proved the weak spot in 
Montreal as utilities and industrials 
gained ground. 


Tim Dickson reviews the recent dynamism of the Belgian bourse 

UK lends weight to 
Brussels record push - f- t 


A LEADING London merchant 

bank recently published a Bat- 
tering note on Belgium's third 
largest supermarket chain Col- 

rayt - but mistakenly told clients 
that the company's capitalisation 

was 10 times greater man its ac- 
tual size. As a result, one Brus- 
sels stockbroker complained yes- 
terday, the subsequent buying 
orders were “crazy” and “out of 


ly published good results ana an 
optimistic statement for the ear* 
rent year; GB hum, the super- 
market dtein which has been ac- 
tively seeking non-Belgian in- 
vestors; and above aD FtetraOna, 
the ml exploration group which 


By available in the market 
place.” 

The story illustrates the occa- 
sionally heavy handed nature of 
foreign buying sprees on tbe Bel- 
gian bourse, the latest id which 
M the last few weeks has helped 
power the market to new highs. 
Last night the Brussels Stock Ex- 
change Index dosed at 4417, up 
almost 60 points on (he day ana 
between 6 and 7 per cent upon 
its level at the beginning of the 
year. The more narrowly based 
BBL Index of 30 leading stocks 
dosed at 321, a 10 per cent gain 
so for this year. 

Overseas attention, mostly 
from London, has as u s ual fo- 
cused on the larger more actively 
traded stocks such as Sohay, the 
chemicals emmani which recent- 


today of BFr 225 to BFr 10*25, 
against BFr 9,416 hi early Janoa- 
iy- 

Interest in Hetrofina is in- 
spired in largely by Ae intrigu- 
ing battle for Imperial Continen- 
tal Gas, the British company 
which has receiv ed oral parital 
offers from SHY, a private Dutch 
company, and from two of Bel- 
gium's biggest holding compa- 
nies Sodete Generate do Bel- 
gique (via Tractabel) and Groupe 
Bruxelles Lambert. 

Interest centres on IC Gas’ 
Belgian i n vesiintwi-t , ind n& ig a 

72 per cent stake in Pet rofin a, 
and in pesonaifty terms appears 
to pit Mr Fteree Scohier of Coba- 
pa (who stands to gate from the 
share oat from a SHV victory) 
against GBL’s colourful leader, 
Mr Albert hen. GBL and So- 
ciety Generate between then 
have about 18 per cent of Fetrofi- 
na and have long been known to 



be keen to increase their share- 
holding to around 25 per cod. 

Local analysts beBeve tint for-. 
rign inve stors generally have 
been attracted by dm relatively 
high yields and low price earn- 
ings ratios in Brussels - still only 
12 at the becoming of tbe month 
based on prospective earnings, 
says BBL - and by an eagerness 
to jump on to an attractive look- 
ing bandwagon. ‘There is a feel- 
ing that Brussels could be one of 
the markets of 1887 and every- 
body wants to be in,” said Mr 
Frederic van Swiefen, of stock- 
brokers Dewaay last night 

One reason for confidence, say 
locals, is the “weight of money” 
theory based on the large 


amounts of money subscribed 
last month under the new Bel- 
gian pension savings plan. The 
authorities reckon that BFr Ubn 
to BFr 171m Bowed into the mu- 
tual funds insurance pfo* 
set up to take advantage of the 
country’s latest tax shelter op- 
portunity a na lyst s e stimat e 
that this will double fay the end of 
the year. Under the rales, about 
BFr lOba must be used to buy lo- 
cal Belgian shares. 

'Since beginning of 1982 in- 
vestors in Brussels have enjoyed 


33 per cent in local c urrency 
terms - only bettered by Madrid 
and Ruis over the same period - 
for those investing with Belgian 
francs. 


Mm 


aTTi 






■■BSSSaSKl 






ijISSinTTTiiJai] 

«! 




( 1 1 1, • 
tnf.sl 




■ m- 1 »••••■• ti-. 


TTfTTV.-V.iI'Ti-l. 


EUROPE 


iftHl-Uiil.WXl.lJ 

fn: 






ii 


r i s-f ; frWnrfiliTT " ' E • g " 


Profit-takers keep eye on dollar 



RTffelTSffl 


APART from the record in Brus- 
sels, European bourses traded 
wiivari npdoy the influences of prof- 
it-taking, a steady dollar and strong 
domestic factors. 

Frankfurt was fait by profit-tak- 
ing, especially late in the session, 
and most share prices closed lower. 
Analysts said the large number of 
new issues being placed in the mar- 
ket was also depressing prices. 

Trading, however, was fairly 
quiet, with many investors still cau- 
tions about the dollar's prospects. 

The Commerzbank index was 53 
lower at 1,750.5. 

Cars suffered particularly from 
the tPoTininwi reaction to recent 
gains, with BMW off DM 3 to DM 
487 and VW down DM 7.80 to DM 
34&20 before the announcement 
that it proposes an unchanged divi- 
dend on fiat 1986 earnings despite 
currency losses of DM 480m. 

Daimler Benz dropped DM 21 to 
DM 950 amid rumours of manage- 
ment changes and fears that car 
production could foil by 120 cars a 
day from tomorrow if tbe overtime 
dispute continues. However, 
Porsche edged up 50 pig to DM 670 
against the trend. 

The engineering sector saw 
Deutsche Babcock shed DM 11 J50 to 
DM 230 on news that a consortium 
of West German banks had bought 
Iren’s 252 per cent holding in the 
company to place with investors. 
Deutsche Babcock’s 1988 results are 
due next week. 

Chemicals were mixed and utSi- 


LONDON 

THE UK securities markets took 
a fresh look at Monday's bank 
base rate cuts and recovered 
strongly on the view that further 
reductions amid not be long de- 
layed. 

Consumer stocks led a rally 
throughout leading shares and 
the FT-SE m index dosed 14 
higher at 1,987.7, white the FT 

ties slightly higher. 

Builder Hochtief rose DM 10 to, 
DM 785, partially reverting its 
losses in the wake of Deutsche 
Bank’s ouTigmueenie u t last week 
that it was placing a 25 per cent 
holding at DM 760 a share. . 

Bonds were little changed in the 
absence of foreign invertors. The 
Bundesbank bought DM 83-6m 
worth of paper titer buying DM 
95.5m cm Monday. 

Buis also encountered another 


Ordinary index was 1IU np at 
1.586A 

Government bonds surged . 
ahead on strong domestic and 
foreign demand to end with grins 
of 1% points in long ma t uriti es. 
This pots a prospective premium 
of around % on the new £Um tap 
stock which opens far trading 
tins morning. Details, Page 86 

bout of profit-taking, with senti- 
ment dampened fay Wall Street’s 
overnight setback. The announce- 
ment of French bourse reforms and 
the small size of the money market 
rate cuts on Monday were seen as 
contributing to the bearish mood. . .. 

The CAG General index fell 5 to 
438, while tbe Indicateur de Tend- 
ance was 1 A tower at UL0. 

Amsterdam was mainly mixed 
but internationals rose on the 
steady dollar. Akzo put an FI L30 to 


SOUTH AFRICA 


GOLD SHARES continued to ease 
In Johnat m esburg on the firmer 
dollar and weaker bullion price, 
while industrial stocks were mixed. 

Diamond stock De Beers list 
R150 to R39.50 as the market reg- 
istered disappointment despite its 
record profits last year. 


Platumms and financials 
mirrored lower golds, with Rusten- 
burg Platinum down. RL40 to R48.60 
and Anglo American BZ25 lower at 
RB7. 

Among golds, Driefontein lost R2 
to R66.75 and Vaal Beefs B7.50 to 
R340. 


FI 138 rose FI L10, KLM to FI 42J80 
and Royal Dutch, added 50 cents to 
17 227 JO. 

Publisher VN0 rose FI 5 to FI 320 
after an increased in 1986 profits. 

Stockholm pushed ahead strong- 
ly with its recovery on good corpo- 
rate results and hopes for further 
interest rate cats. In heavy trading, 
the Veckans Affarer all-share fade* 
closed 4 higher at 927.7 while the 
J&P rose 16 to 2,514.50. 

Ericsson, one of whose subsidi- 
aries has won a $40m contract to 
supply computers to the West Ger- 
man Bundespost, added SKr 2 to 
SKr251. 

Qtio also had a heavy session, ris- 
ing on optimism about low 1987 
wage agreements. 

. |Wa»M vrtK TTtrxftf tO higher in 

moderate trade as many invertors 
waited to see if Mr Andreotti suc- 
ceeds in fanning a new govern- 
ment 

Pafinvest, a Montedison share- 
holder. added L 270 to L3.2G0 amid 
market rumours. The Ferraro 
group later confirmed it had in- 
creased its stoke in Montedison by 
buying a 502 pec cent bolding in 
Pafinvest Montedison added L20 to 

m 

Zurich was mixed in directionless 
trading. Engineer Brown Boveri, 
which has won a SFr 90m US order 
for power plant components, eased 
SFlr 20 to SFr 1,750. 

Madrid fell in heavy profit-taking 
led by construction stocks. 


i 1 ii » i' 1 1 

1 r ,i"l ,rr"TfTir 8 





• rH \ • IT* /. 










s i iTvTI^bih n m ] ♦ . » 


i ■ , < . r. i , 




I ~ nz, ■ . vjfc *: -'■I 


' V ii «T* 1571 

nil 


wmm 


niTi rn . ■ - 4 




fi y- 7 V • 


* l * ■II r I»r 








STOCK HMMOET HUHCCS 

ME W Y OR K Mar 10 Pmvtoos Year ago 
DJ Industrials Z^BOjOB 2^60.12 1.70295 

DJ Transport 948.01 944J7 79aOS 

OJUtatiss 217.47 21770 182.81 

SAP Comp- 290nS 28890 22899 


LONDON FT 

CM 
se loo 
AAM-ahan 
A 500 
Goldtnbtss 
ALonggBt 


1.586.4 1.57R3 1.32R8 
1987.7 1973.7 19722 
989.68 883 91 77695 
1.10594 1J09892 85891 

SB99 3299 999K 

927 929 9.43 


NNkal 21214.46 21.1684 149589 

Tohyn SE 1.BB4J0 1.B21.45 1.12929 

AUSTRALIA 

AflORL 1JB359 19409 1J06S.O 

UabbLUm. 7912 800.9 5087 

AUSTRIA 

Credit AkUen 20493 20428 228.7S 


4.4179 4957.78 320094 


29293 29339 2931.0 
3,614.0 3j61MZS2GL3 

190290 190397 1AS12B 


-HOHQ KONO Hang Seng 

2,73195 292098 

ITALY Banca Ccmm. 

68100 67B.7S 

ANP CBS 

Gen 269.40 28970 

W 251.10 250.80 

NORWAY OMoSE 

40098 38791 


SSRMP0R8 Straits Times 

198290 197720 

SOUTH VRCJk JSE 

Golds — 1,872.0 

Industrials — 19189 


CURRENCIES (London) 


US DOLLAR 
Mar 10 Previous 

19555 19S50 
153.60 15390 

ai7S 6.1725 
19835 15650 

29985 29960 
1918 1918 

3840 3845 

19350 19345 


SIERUNO 

Mar 10 Previous 
19845 19880 
294 2945 

305 3449S 
9785 9.8025 
2^75 2485 

3925 39275 
2.088 2093 

6095 6105 

21155 21185 


INTEREST RATES 


US BONDS 

Trmuor 

March 10 Piw 

Price Yield Price Yield 

6% 1989 B9»%» 6.436 99% 6.419 

7Ti 1993 99% 7934 99% 7.012 

7V, 1986 100Va 7219 IOCWp 722 

714 2016 99% 7924 99% 7924 

Source; Hants Trust Savings Bank 


Treasury Index 

March 10 


SHUN Madrid SE 


236.04 2S0.7B 


291490 — 193472 


Swbs Bank ind 
59090 — 57B.7 


MsL&Mra. 

CampoaRe 


WORLD MS Cap. bdl 

March 9 *179 4199 2B5.1 


EES (London} 

March 10 Prw 
348A5p 25499p 

£80475 £85290 

£191500 £191000 
S17T5 S1797S 


(3-month chared rate) 

£ 10* 10* 

*r* 4 'A 4* 

DM 4 <4*, 

Ptr 8'4 SVu 

rr Loadoa I f rt rea fc Bains 

(oflered rate) 

3-mwTthUSS 6* 6% 

8-month USS 6% Bib 

MWhmdi &h.‘ 6 

IN3-ao«th CO* 605* nay 

tmauaenlhT-bO* £65' 5.79 


RMAMCIAL FUTURES 


Maturity 

Return 

□ay's 

Yield 

Day’s 

(years) 

MW 

change 


change 

iso 

163.17 

+023 

693 

-0.03 

1-10 

15433 

+0.12 

666 

-0U3 

1- 3 

14403 

+057’ 

857 

-003 

3-5 

15757 

+0.17 

671 

-003 

15-30 

19358 

+059 

7.78 

-0J03 

Sauroa: Atantt Lynch 






COLLABORATION IN 


- Problems, Progress &Prospects 
Paris 9 & 10 June, 1987 

The^ 1987 FT Aerospace axrference wiR take place in Parison 
9 &10 June inuriectiatefy preceding the, International Air Show. 
As the exists and complexity of modem military and civil 
aerospace ventures rise, international cxittaboration in 
the aerospace industry has been expanding rapkfly.Thfe 
conference will examine the diffkxittiesinvc^/edin establishing 
maior coflaborative ventures and the benefits thatsuch 
ventures can bring to their participants, it will also examine _ 
current ventures that are imderway. and ctiscuss future 
devetopments.The opening address win be given by 
M. Jacques Benichou, President of GIFAS. 

Other speakers include: : ^ 


SBvar(spoQ 
Coppar (casrt) 
Coftaa(May) 
08 (Brent) 


— 18901 23798 


CACQflh 43800 44300 317.4 
md. Tendance 1,75090 11280 76.4 


FAZ-Akhen 573.18 58275 888.10 
Commerxbank 1.75090 1755.70 20189 


QOCP t$/oz) 

MandhlO Prew 

London 540690 $40450 

ZQrtch 540535 5404.75 

Pwlftdnfl} 5405.82 S40721 

UttBmbouru 5405.00 $40590 

N«ir York (AprtJ 540890* $40690 


US Treasury Bond* (CST) 

8% 32nda ot 100% 

Mar 10 Latest High Lew Pw 

March 101-12 101-17 101-06 101-11 

MltaainmiHaq 
Sim points of 100% 

March 9495 9498 9494 9497 

CttfHcatM of Deposit (MW] 

Sint pokris « 100% 

Match - 9397 


$im points or 100% 

March 9352 9355 9352 9354 

Afr-year Notional Wt 
£50900 32nds at 100% 

Math 122-13 123-12 121-05 120494 


Corporate 

March 10 Prw 

Prica Yiud Price Yield 

ATaTM July 1890 

9374 690 9399 69S 

SCBT South Central 10% Jot 1933 

106975 9.68 tOSJS 9JQ 

Ptaro Sal 8 April 1996 

99.75 894 9975 894 

TRW 8* March 1996 

10397 &li 10397 Alt 

Area 9% March 2016 

112.75 366 11375 858 

General Motor* 8% April 2018 

9475 382 9475 852 

Otfcorp 9% March 2016 

100.625 927 100625 977 

Source Salomon Brothers 

•Least available figures 


AEROSPACE 1987 j 


Ta; Hoendal Itaao CoMeranee OrgnMIen, 
■erean Houa*. ATCho tMreN. 

London EC4R BAX. 

-Mb Ot-«1 1W4 Tla; 273*7 PTCONF G 
TIIHarW-NJNM 

□ PlM*a MMl na feather OMI 


Ccnaan yT OqpriBaaon. 


M. Jean Pierson 

AitiutMuttfe 

M. Jacques Plenier 

Ae rot paBWe 

Mr James T Johnson 

Boeing Commercial Airplane 
Company 

Mr Ozfres Silva 

EMBBAER 


Mr Hans -Joachim 
Klapperteh 

Penewa Aircraft GmbH 

MrLeeKapor 

General Bectric 

Mr Frans Swarttouw 

Fokkar 

Mr Genie Willox 

^inOgfeerJegdkgaeugGmbH 


Mr Lou F Harrington 

McOonnelOougbB- _• 

Mr John O Wiragg : 

Rote-Royceplc 

MJeanSoffler 

-SNECMA 

DrRaffaeflolMf - - 

GreppoAgusta 


The tenguageol the conference wffl bo Engfish/Fnmch and 

simukaifooustran^ion«^)beprovkted. 

A FINA NCIAL TIMES CONFERENCE 

In rear Pal iin it 

AIR & COSMOS